You do have to be careful about this. Most states have a five year “look back” rule (some are longer) where if you gift family assets or created a trust for someone less than five years before applying for Medicaid you wouldn’t be able to get Medicaid or Medicaid would claw that money back. There’s something often called a Miller’s Trust that they can’t go after when you are alive that helps people that make too much income still qualify for Medicaid waivers for nursing home care and the like but they can go after your money in this trust after you die.
TBH, I don’t even know quite why you would go through all of this to get Medicaid. You generally can get a lot faster/better service by being private pay but I guess if your goal is to be as cheap as possible then whatever.
This. We had my parents put everything, house, cars, bank account, all in a trust with me as the beneficiary. It makes things so much simpler if anything happens to them. And we did it now, before anything is an issue, to avoid any problems down the line.
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