Medicaid and the Living Trust

You have probably received a postcard or seen an advertisement for a seminar on "Living Trusts" and all the benefits they supposedly offer you. Basically, a living income Trust is a trust you create and account throughout your life and that you retain the capability to improve and revoke at any time.

The problem with Living Trusts for someone trying to get Medicaid is the fact everything entitled in the name of the Living Trust is known as an available property, even if it was exempt beyond the Living Trust. If you need any help regarding Medicaid law, you can also consult Troy Michigan Medicaid Lawyer And Skilled Medicaid Lawyer.

Now bank accounts and opportunities could possibly be entitled in the name of the Living Trust since such resources are countable if they are entitled in your name or in the Trust's name. However, if you are solitary, you will need to spend down those investments regardless, to be able to be eligible for Medicaid, so that is clearly a dubious benefit.

Since you in essence have to withdraw all the Trust resources and retitle them back to your own name, as you can see it makes zero sense to pay an attorney to make a Living Trust for you if you are solitary and facing long-term health care, in case you feel that you might need or want to use for Medicaid sooner or later. You can also visit here to get more information regarding Medicaid law.

If you're married, it's possible for the city Spouse to own assets entitled in the name of a living income Trust, but there exists usually little edge to doing this in circumstances like Colorado which includes relatively inexpensive and simple probate procedures.

As a matter of known fact, there's a kind of trust that the city Spouse can set up to be funded following the death of the city Spouse, which can take resources for the good thing about the medical home partner yet not count number against that spouse's Medicaid eligibility. However, such a trust can't be used in a living income Trust and can only just be used in a Will.

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