Can A Trust Protect My Assets Against Medicaid?
Medicaid is a great program for many people. It allows many people who are not able to afford health insurance the ability to have proper health care. It saves many lives and also allows people who may not be very well off financially the reduced stress so that they aren’t constantly worrying about how to come up with money for expensive medical treatments or prescription drugs that are necessary to live a normal life or even live at all.
Why not enroll?
Many people don’t enroll in it though because they want their assets to be protected and are unsure about the question can a trust protect my assets against Medicaid? Many people are afraid that their care will be recovered by the government by their homes or other assets being seized after their deaths. This is typically the way that Medicaid works.
How to answer the question can a trust protect my assets against Medicaid?
The answer to this question is yes and here is why. Before the individual who is enrolling dies they will need to set up a trust fund which makes the property or other asset immune from getting any liens placed against it. The beneficiaries of the trust are given the assets upon the death of the individual as long as it was a protective trust that got set up for this purpose.
Avoiding the 5 year Period
Typically when people wonder can a trust protect my assets against Medicaid they consider that Medicaid looks back 5 years. The stipulation here is that the 5 year rule only applies for individuals who want to be placed in a nursing home as opposed to receiving care directly in their homes. This is the way to ensure your assets are protected.
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