My attorney prepared a living trust that I was told protected my assets from long-term care costs. Does a living trust protect assets against long-term care costs?
a. No, if you have a living or revocable trust in you or your family name, then you are considered a beneficiary of the trust and the trust is usually considered an available asset for Medicaid eligibility. If your Florida residence is in trust (and is your primary residence) then it is not considered an asset for Medicaid eligibility. Q. Under the circumstances I have no choice but to place my spouse in a nursing home (the “institutionalized spouse”). May I, as the spouse that lives at home (the “community spouse”), be allowed to keep several hundred thousand dollars and still get eligibility for my institutionalized spouse. A. Depending upon the title of the assets and other factors, the answer is probably yes. Proper planning with a qualified elder law attorney can help you protect assets and establish Medicaid eligibility.
