Real Estate Law
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i am 66 and have been told you must live 5 years. is there something more
i am not on medicade yet untill my wife retires. are you saying if im on medicade i can nolonger form a trust.im not sure i understand what we canform
If you were ever to apply for Medicaid, your assets would be used to determine eligibility, any properties that are contained in an irrevocable trust are not counted as your assets as long as they were placed into trust 5 years prior to application. Aside from Medicaid, assets placed in an irrevocable trust (such as real property) can provide protection from creditors.
can a will or trust take care of the problem.im tryining to stop the nursing home from taking everything .i would like to leave everything to daughters or grand children. Yes, placing the property in an irrevocable trust can stop the nursing home from taking the property.