The October 2019 issue of The Atlantic contains an article that highlights the importance of an Irrevocable Medicaid Trust. In the article, the author discusses how older individuals may lose their homes if they need go into a nursing home and need Medicaid (also known as MassHealth in Massachusetts) to pay for it. She asserts that it is a little-known fact that most people don’t know to address unless they have a lot of assets and are doing estate planning. I am here to tell you that you need to protect your home if you think you will need to use Medicaid to pay for a nursing home in the future. With the rising cost of nursing homes – they can exceed $10,000 a month! – many people need to use Medicaid for themselves or someone they love.
Your home is perhaps your most important asset, and it CAN be protected with an Irrevocable Medicaid Trust. I draft these kinds of trusts for clients so that they can keep their homes for themselves and their families. I talk with my clients about the importance of doing this kind of trust as early as possible because there is a five-year look-back period, which basically means that you may not be protected if you use Medicaid for a nursing home within five years of putting your home into this kind of trust. There are some very specific requirements with these trusts, so you really need an attorney to make sure they are drafted properly.
Contact me today so we can talk about an Irrevocable Medicaid Trust and see how we can protect your home for you and your family.