What is a Medicaid Friendly Irrevocable Trust?
A Medicaid Friendly Irrevocable Trust has asset protection potential for those whose health and budget will allow them to leave the assets undisturbed for five years. After the five years “five year lookback.” assets in the trust are not countable for Medicaid purposes, and no transfer made to the trust is subject to the Medicaid ineligibility penalty. Therefore, you can qualify for Medicaid benefits for nursing home care, and the trust assets will remain undisturbed. Additionally, upon death, trust assets will not be lost to Medicaid’s estate recovery program.
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