No. General rule of law holds that whatever you can access, others may access as well. Assets in a Revocable Living Trust are open and available to you; therefore, they are also open and available to Medicaid. What would make your assets safe is an Irrevocable Trust. The Irrevocable Trust allows you to protect your assets from Medicaid. For details on this and other Medicaid Planning Issues, contact us today.
Learn more about estate planning options available from the Elder Law Center...
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Are my assets safe in a Revocable Living Trust from Medicaid?
25 Nov
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If one of us is already in a nursing home, is it too late to protect our assets?
No. It is never too late to protect your assets. The sooner you get started with Medicaid Planning the more you can protect. Contact us today to find out more.
25 Nov
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Can I protect assets by transferring them to my kids?
No. Besides the obvious five year look back period, if your children get into financial trouble, the assets become available to their creditors. If your children go through divorce, the assets may become available to their spouses through divorce settlements. If your children have health problems, the assets may be at risk, as well. There may also be significant negative income, capital gain and gift tax consequences in gifting assets. In any case, by transferring your assets, you are...
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25 Nov
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I hold joint accounts with my kids. Are they safe?
No. Medicaid treats any asset with your name on it as yours unless you can overtly prove that the joint owner actually contributed assets to the account. To learn more about options for asset protection, contact us today.
25 Nov
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Why do I need estate planning?
Simply put, effective estate planning is the best way to ensure that you will be able to control your property while you’re alive and well, provide for your loved ones and yourself if you become disabled, and leave your assets when you die to whom you want, when you want, and the way that you want.
Every state has laws that govern what becomes of your assets if you die or become disabled. But the government also allows you to...
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25 Nov
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Why should I go to Elder Law Center of Wisconsin to establish a trust?
Not all trusts are created equal. Trusts are unique legal documents that provide for the protection and preservation of your assets, with specific attention to the requirements of Medicaid qualification. The trust will be drafted according to your specific goals. We have drafted thousands of trusts and specialize in this area. We can explain the different options you have in language that is understandable.
16 Nov
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What’s the difference between Medicare and Medicaid?
Medicare is health insurance for people over sixty-five or disabled. It pays for hospital stays, doctor visits, and medical tests. It covers only limited skilled nursing care. Medicaid is a social health care plan for people with low income and limited resources who meet certain economic criteria for eligibility – it does cover the long term costs of nursing care in a nursing home ONLY.
16 Nov
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What is Medicaid Planning?
Medicaid Planning involves developing a plan to reallocate your assets in such a way that Medicaid will not take them into consideration when determining your eligibility for coverage. If nursing home care is needed in the future, you can qualify to have Medicaid pay for the cost of care, rather than depleting your own resources to cover these costs.
16 Nov
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How can we find out if we’re eligible for Medicaid coverage?
Medicaid eligibility is based on the amount of your monthly income and your assets. At Elder Law Center of Wisconsin we are experts in Medicaid law and know how to ensure you qualify for coverage in the shortest time possible.
16 Nov
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If my spouse goes into a nursing home, will I have to give away all or most of my assets to keep them from being taken to cover the costs of care?
This question goes to the heart of our Estate Planning mission. Elder Law Center of Wisconsin uses an assortment of asset protection plans (depending on your particular situation) to ensure your assets will not be taken to cover the cost of nursing home care. Our trusts permit you to maintain full control and access to your income while ensuring your assets are not counted towards your eligibility for Medicaid.
