Medicaid Qualifying Trust
Can you offer resources for how to create a Medicaid Trust that shelters assets and qualifies people to be eligible for Medicaid benefits? Attorneys in our area sell their services but cost for creating such a trust is about $10,000.00 for each of us, husband and wife. We are having difficulty finding out how to create such a trust without spending $20,000 in legal fees.
Terry Says
Why?? Why would you want to remove your assets so you qualify for Medicaid in your state -- a program that is likely to put you in the worst-funded nursing facility if you need care? Have you checked your state's Medicaid spenddown rules -- the amount of money and the right to remain in a jointly owned home that is given to a well spouse? Click on this link for the spend-down rules in Florida. Do you have children or grandchildren? Why not use any "extra" money to fund a 529 college savings program for each of them. You can always take the money back if you are in dire need. And you don't need an attorney to set one of these up. Just go to Vanguard or Fidelity and ask for info about 529 plans. If you have lots of money beyond what will be needed for your care, then you need a good estate plan, along with some gifting. If you think you only have just enough should one of you need to go into a nursing home, you should read the rules above. Either way, you don't need to spend a lot of money trying to get yourself INTO Medicaid.
