Last night DW and I attended a seminar where an estate lawyer basically touts the benefits of a Living Trust. For the most part, we were impressed with the guy and his credentials and liked his presentation. We were already looking into getting a trust.
According to the lawyer, one of the "advantages" of setting up a living trust would be to save most of your assets from the ravages of long term care costs. In other words - shelter your assets so you qualify for Medicaid (he rarely actually used the word Medicaid). He explained how the 5 year look back period works and also that this would require an irrevocable trust.
Has anybody here taken this step to help qualify for Medicaid down the road? Our initial thoughts were that one of the reasons we saved up our money was to be able to afford quality LTC at the end of our lives. Would shielding your assets in order to qualify for Medicaid result in less quality nursing home care?
According to the lawyer, one of the "advantages" of setting up a living trust would be to save most of your assets from the ravages of long term care costs. In other words - shelter your assets so you qualify for Medicaid (he rarely actually used the word Medicaid). He explained how the 5 year look back period works and also that this would require an irrevocable trust.
Has anybody here taken this step to help qualify for Medicaid down the road? Our initial thoughts were that one of the reasons we saved up our money was to be able to afford quality LTC at the end of our lives. Would shielding your assets in order to qualify for Medicaid result in less quality nursing home care?