How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Family Law
Satisfied Customers: 38225
Experience:  Attorney with 17 years experience
19958803
Type Your Family Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

If you house is listed as an asset of a personal trust can

Customer Question

If you house is listed as an asset of a personal trust can it be counted as part of your own assets when disclosing information to medicare?
Submitted: 2 years ago.
Category: Family Law
Expert:  Barrister replied 2 years ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

.

Is this a revocable trust or an irrevocable trust?

.

If it is irrevocable, how long ago was the house transferred into the trust?

.

.

thanks

Barrister

Customer: replied 2 years ago.
It's revocable and it transferred on the death of my father in 2006
Expert:  Barrister replied 2 years ago.

Ok, then unfortunately a revocable trust provides no protection from any creditors, and has to be disclosed to Medicaid/Medicare if the person is applying for long term care benefits. The reason is that with a revocable trust, the grantor (maker) of the trust is still considered the beneficial owner of the assets in the trust because they can remove the assets at any time up until their death.

.

So to answer your question directly, yes, a house in a revocable trust is a "countable asset" for Medicaid/Medicare purposes.

.

.

thanks

Barrister

Customer: replied 2 years ago.
Thanks
Expert:  Barrister replied 2 years ago.

You are very welcome. Glad to help any time..

.

.

thanks much

Barrister