Don’t Wait to do Medicaid Planning

When life is going well,  it’s hard to think of what would happen to your assets when life takes a turn towards illness or more.   Nobody plans to have to go into a nursing facility or that they will not have any assets to leave their family.  Make sure to plan well in advance and understand the look back period while trying to protect your assets.  Creating an irrevocable trust is helpful with planning ahead and protecting your assets.  An “irrevocable” trust is one that cannot be changed, altered, revoked, or terminated after it has been created.  The problem with transferring assets is that you have given them away.  Rest assured, the trustee must follow the rules provided in the trust instrument. Whether trust assets are counted against Medicaid’s resource limits depends on the terms of the trust and who created it.   An attorney can help with these legal needs.  Contact us for more information and to help create an irrevocable trust that is right for you.