Medicaid Planning 101: Trusts

Revocable trusts are considered as assets that cannot be transferred without being counted towards your Medicaid eligibility. Irrevocable trusts are trusts that cannot be changed. Therefore you will not be penalized if you were to include irrevocable trusts into your Medicaid planning.

Testamentary Trusts; Cohen & Oalican LLP, Boston, Raynham and Andover Massachusetts

Testamentary trusts are a great way for community spouses to leave assets to their surviving spouse that is in a nursing home. The assets can be used for estate planning for certain things that are not covered by Medicaid, including specialists, therapy, legal fees or transfers to a different nursing home.

Income-only Trusts; Elder Law

Income-only trusts are used for just that; income. This trust is made so it will pay an income to you for the rest of your life. When you die the rest of your assets will be transferred to your beneficiaries. These funds are protected and are not counted as assets. If you do end up going to a nursing home the income will go to the nursing home to pay for your stay.

Attorneys Cohen & Oalican specialize in Elder Law; where protecting your assets and your dignity is their core mission.