THE FACTS: My house and most of my liquid assets are held in an irrevocable trust that I funded over five years ago. I am fortunate in that my income is sufficient to for me to live comfortably without using my savings. THE QUESTION: If I do need to move into a nursing home down […]
The Facts: My mother deeded her house to my brother, Joe, and I and retained a life estate. The Questions: Can Joe and I sell the house to pay for our mother’s care? The Answer: You and your brother can sell the house but, only with your mother’s consent. Based upon her life estate, your […]
November 26, 2015 – 3:16 pm
The Facts: I wanted to give my children and grandchildren significant cash gifts for the Holidays but, I am confused about gift tax liability and about how gifting may impact my future eligibility for Medicaid in the event I need long term care. The Questions: Could you explain how gifts are treated for Medicaid and […]
The Facts: My father is planning on putting his house into an irrevocable trust and naming me as trustee. He will be naming my sister and me as beneficiaries of the trust. The Questions: Can my father sell his house once it is in the trust? If my father goes into a nursing home, can […]
The Facts: I have been making gifts of $13,000 per year to my children for some time. I was told that as long as I did not give any of my children more than $13,000 a year, I would not be penalized when I applied for Medicaid benefits. A friend of mine who also gave gifts […]
The Question: Is it true that I can spend down my resources in order to become Medicaid eligible by paying for my funeral in advance? The Answer: Absolutely. Not only can you prepay all of your funeral expenses without triggering a penalty under the Medicaid guidelines, but there is no limit to how much you may prepay […]
The Question: I created an irrevocable trust to protect my assets in the event I needed nursing home care in the future. The trust was funded over five years ago so I know that the Medicaid look-back period is not a problem. However, I am concerned about the income I receive from the trust. Is it […]
