There are many Medicaid planning strategies designed to transfer assets without incurring a penalty. (See http://www.perlalaw.com/blog/personal-caregiver-agreement/). This blog will explore many of these strategies. One such strategy is the Irrevocable Trust. With an Irrevocable Trust, which is a trust that cannot be changed or terminated, drafted so that you receives only income and not principal, you can transfer your assets, wait 60 months and apply for long-term Medicaid without penalty.
Why Can’t I Set Up a Revocable Trust Instead?
As a revocable trust can be changed or … Read the rest