Everything you need to know about a medicaid trust...
What is a Medicaid Trust...? These Trusts were designed to hold assets that were "given away" to impoverish the Trust Grantor, in order to qualify for Medicaid benefits. The purpose is to preserve one's life savings for the children, rather than see that sum quickly disappear, should nursing home care become necessary.
Basically you put your money in a Medicaid Trust so it is no accessible or assessable by the government for reasons of Medicaid.
You now have to be very careful doing this type of tax planning. The government now looks back at when you put your money into a Medicaid Trust to see if you where doing it to avoid paying for a nursing home bed. The rules change all the time so be careful.
Now there are many different variants of Medicaid Trusts out there. They include the following lists but there may be more. Just remember for every person in the government trying to stop the creation of tax minimisations schemes, which the this can be seen as, there are over 70 privately paid people, accountants, lawyers and agents, trying to create more.
Medicaid Trust documents ready to print and fax...
So the best thing to do always is research and then pay for the best advise you can from the best professional you can find and do what they say that you are happy with.
