Living Trusts Protect Assets from Nursing Home
The free New York NURSING HOME MEDICAID GUIDE answers ” does a living trust protect assets from a nursing home?” It also answers these frequently asked questions:
- What are the 2020 asset and income levels that allow Medicaid eligibility?
- What is the 2020 Medicaid penalty regional rates?
- What resources are not counted when determining Medicaid eligibility?
- How can an individual whose income exceeds the Medicaid limit still qualify for Medicaid?
- What are the transfer of asset rules?
- Will Medicaid pay for home care?
- How do Medicaid rules differ for a single person and a married person whose spouse is still living in the community?
- What are the advantages of creating a Medicaid Trust?
- What is Medicaid?
- What is a Medicaid trust?
- When is a person over age 65 eligible to receive Medicaid?
- What are Department of Social Services’ (DSS) requirements to determine Medicaid eligibility for long-term care?
- What is “spending down”?
- Can I give my home to my son/daughter so the nursing home won’t take it?
- Are Medicaid Trust assets considered when Medicaid eligibility for Long-Term Care is evaluated?
- What are the disadvantages of creating a Medicaid Trust?
- Can I change my mind after I create a Medicaid Trust?
- How are assets managed when part of a Medicaid Trust?
- Who can be a trustee for a Medicaid Trust?
- Why create a Medicaid Trust?
Consult with an Elder Law Attorney for advice on protecting your assets in the event you need to go to a skilled nursing facility.