Nursing Home Medicaid: Revocable or Irrevocable Trust?

[@rebeccarowe8102]

Absolutely love your videos, they are so informative and easy to understand. We are dealing with my parents estate right now and the information you have provided me has been so valuable. Thank you from the bottom of my heart.

[@joeluna9744]

Z by

[@davidcajun]

Always enjoy your videos. They are great help for those of us handing estates in Louisiana!

[@americasestateplanninglawy1946]

Glad they are helping DTP 😎

[@drainmonkeys385]

It is irresponsible for any lawyer to create a revocable trust with explaining Medicaid…. I’m currently watching my entire inheritance go to a nursing home right now.. and my dad thinks it’s protected.. and it’s not..

[@itguru2037]

Correct. I’m in the same boat. My dad will stay at his house with his dementia and Foley catheter.

[@joannepigliavento7930]

I am the trustee of my parents irrevocable trust created in 2004. Our attorney advises that if my parents need access to the funds, it must be done in a particular manner. I’m assuming that this may be the particular manner that you just described? A portion of the funds could be disbursed to me and I could give the funds to my parents? Thanks!

[@erickandtheourbacks1072]

How much is the average cost to set up a revocable trust?

[@chordsofgratitude2073]

Most wills and estates folks charge from$1,300 upwards. Depends on what is in your mind to put in to the Trust. If it's only a home or liquidable assets... A Trust only helps property division once you pass away, so if you were planning to leave anything to other people, you might want to consider that creditors can go after the Trust and anything in it.

[@marianneniles8081]

If funds have an assigned beneficiary do these have to be in a trust to avoid probate?

[@chrisdonica3173]

Yes, assigning a beneficiary on an asset (like an IRA or bank account) is a great way to avoid probate without needing a trust. Assuming your beneficiary is still alive at your death. That’s why it’s very prudent to also name a contingent (backup) beneficiary. Trusts do offer other worthwhile advantages, but having beneficiary designations are a good minimum starting point.

[@JudyHoward-se5ez]

​@@chrisdonica3173p9

[@stoneycarter5546]

Can I set up a Trust when I've been on Medicaid for over 10 years like my home to my kids

[@chrisdonica3173]

Yes, but really only for Medicaid-exempt assets like your home and car. You need to get the list of what Medicaid can’t touch, and then could put those in a trust to help avoid probate.

[@partsandlaborgroup]

Do you have anyone to recommend I go and see to have an irrevocable trust setup in the southern NH area. Thanks in advance.

[@comcast734]

Do you have someone to recommend in Chicago area? I am ready to establish the trust. Your info are greatly appreciated. Thank

[@angiet2190]

now I am confused. Does the irrevocable trust have to abide with the 5 year rule of transfer of assets that medicaid requires?

[@roberts1159]

My takeaway was this can vary by state and trust wording comes into play as well. Not a yes or no simple answer it seems.

[@mcw3560]

Yes, the look-back period is five years, except in California, where it is 30 months (I have no idea why it is different in California. I think that federal law requires 5 years. Perhaps California subsidizes 2.5 years?). The bottom line is that you need to get the asset out of your name/control in some way for five years in order to satisfy the Medicaid five-year look-back period. The irrevocable trust satisfies this requirement more or less because the asset (house, money, etc.) is in the trust's name. Yes, it must be in the trust for five years prior to applying to Medicaid. This is what I have learned from my own research.

[@jeanneshannon5607]

@@mcw3560 this is still confusing

[@mcw3560]

@@jeanneshannon5607 I understand. That is why an entire legal field, elder law, has been created to help navigate through some of these issues. Basically, you need to have $2000 or less in assets (an asset being a house, bank account, etc) in your name at the time that you fill out the Medicaid application. If you, for instance, have given $100,000 to a son or daughter as a gift three years ago and apply for Medicaid, the state investigators will go over your records, and if they find this gift, they will deny your Medicaid application for a period of time because the gift was less than five years ago. For this reason, people plan the transfer of their wealth to their family members in advance with something like an irrevocable trust.

[@jeanneshannon5607]

@@mcw3560 I do understand it better. It's a bit of a journey isn't it. Thank you

[@Sacredservants]

Can i make an LLC a trustee?

[@roccos7642]

ear-revocable starts with an "I"?

[@szubyk1]

irrevocable

[@dennykeaton9701]

Correct

[@chrismartin8653]

A trust is not worth the paper it is wrote on

[@nake151982]

Do you still go through probate with the irrevocable trust?

[@chrisdonica3173]

No.

[@michellegosselin3147]

Thank you 😊

[@BTBLive]

I have 500k If there is still a 5 year look back why not gift the money to the kids and file a 709? seems like less paperwork and maintenance than a irrevocable trust.

[@susanfisher1491]

So confusing!

[@jennyflowers2621]

Can I do a trust if am still paying for house

[@chordsofgratitude2073]

If you plan to live there permanently, do NOT put your home in the trust. Create a corporation and put the home title in the corporation..... Ask your estate attorney why to do that

[@judyfasola3737]

@@chordsofgratitude2073 what if your home is paid for should I do a revocable trust... so my son will avoid probate

[@chordsofgratitude2073]

@@judyfasola3737 , every state is different....you need to consult an estate attorney. Depends on when you created the Trust and the circumstances also. A Trust does not protect anyone from creditors, especially from Medicaid/Medicare if you end up needing public assistance at some point. Best to get a bonafide attorney to advise you.

[@dennykeaton9701]

Sure, why not?

[@JudyHoward-se5ez]

Prior comment my mistake

[@alwng503]

V7