by Carots on December 3rd, 2005

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I want to open an irrevocable trust to protect $165,000 of assets from high medical expenses or nursing home costs. I have no medical insurance. I am 63 years old. Is that the correct vehicle? If not is there a vehicle to accomplish this goal?

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by CrystalBall on April 26th, 2007
This is a great question for an experienced Medicaid planning attorney. Medicaid laws have changed drastically within the last couple of years. It used to be that you could put assets in trust, wait out the 5 years and the asset transfer could not be used against you. Now, the transfer penalty doesn't start until you actually apply for Medicaid.
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I want to open an irrevocable trust to protect $165,000 of assets from high medical expenses or nursing home costs. I have no medical insurance. I am 63 years old. Is that the correct vehicle? If not is there a vehicle to accomplish this goal?

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I want to open an irrevocable trust to protect $165,000 of assets from high medical expenses or nursing home costs. I have no medical insurance. I am 63 years old. Is that the correct vehicle? If not is there a vehicle to accomplish this goal?

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