Protecting assets from Medicaid
My parents are elderly and have a revocable trust set up. They are concerned that if one passes away and the other needs 24 hr. care in a nursing home, that they won�t be able to pass their assets on to us. I believe Medicaid requires that they spend all they have, down to $2000 before Medicaid will kick in and pay the rest. What, if anything, can be done to avoid long term care insurance and prevent Medicaid from taking all they have in order to pay for their care in the nursing home? The last thing they want is to use up all their assets for their care as opposed to passing it on to us.
1 Answer from Attorneys
Re: Protecting assets from Medicaid
Transfering assets 36 months in advance of entry into a nursing home is the most feasible procedure to avoid having assets taken by Medicaid. As your message appears to indicate, a revocable trust, being revocable, does not constitute a transfer of assets.
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