2020 Medicaid Levels

Question: My husband may require care in a Nursing facility. I was considering applying for Medicaid but I have heard that we could lose everything if we accept assistance through the Medicaid program. Is this correct?  Answer: No, however this is a common misconception. Medicaid is a means tested program and accordingly applicants must meet …

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Chronic Medicaid

Question: I was speaking with a friend and she mentioned that I should consult an attorney for asset protection. I do not have a taxable estate, but she referred to a 5-year lookback. I do not understand why I would need asset protection. Answer: Your friend was most likely referring to asset protection relating to long …

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Revocable and Irrevocable Trusts for Assisted Living

Question: About six years ago my parents signed two trusts: a revocable trust and an irrevocable trust. They transferred about $150,000.00 into the revocable trust and their house into the irrevocable trust They sold their home about three years and deposited $400,000.00 into the irrevocable trust. My dad passed away and my mom is at …

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