Legal Question in Wills and Trusts in California
Forfeit my cash savings to Convelescent Home
I have Social Security and Operating Engineers Medical Coverage. How can I protect my cash savings from being used by a Convelescent Home should I have to go there? I want my children to have what cash I have left. Would a Living Trust prevent that?????
2 Answers from Attorneys
Re: Forfeit my cash savings to Convelescent Home
a living trust (revocable trust) will not protect your assets from medical/medicaid reimbursement. for assets that are not exempted, you will need a special needs trust. see:
http://www.taxrights.com/assetprotection.htm
Re: Forfeit my cash savings to Convelescent Home
A living trust will not protect your cash from Medi-Cal reimbursement for long term care expenses. A properly structured special needs trust may help achieve your goal, but note that a new law has made Medicaid tougher. For example, the look-back period for gifts of property has been lengthened from 3 to 5 years. I would be glad to discuss this with you further.