Reply to Explain hiding assets from medicaid

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My dad keeps saying that we need to put assets in a trust so that when it is time, he is able to qualify for medicaid.  What I can't figure out is why someone would want to.  If you can afford not to have to go into a medicaid facility and you've saved for a better place, why would you not want to do that?  I'm obviously missing a connection somewhere and I can't get him to explain it to me in a way I understand.[/quote]

I would ask him what his plans are. He may have seen friends or relatives go through the process, especially if anyone has been dealing with alzheimer/dementia.  [b]Many years in a nursing home will indeed wipe out someone's life savings[/b]. [/quote]

OP here—- yes I understand that.  But what else is it for if not to pay for end of life care?  Why would he want to live in a Medicare facility if he doesn’t have to?  My mom has already passed so he doesn’t need the money for her.[/quote]

How much does he have? My sisters MIL has lived from 80 to almost 90 in assisted living, just in the last four years has she started needed daily, then round the clock aides. Four years at that rate of spend has completed wiped out her assets. Medicaid will now cover a nursing home now but now she can’t pay for her own aides. There is no one to one care at any nursing home, even a great one. If she had put her $800,000 assets into a trust, Medicaid would have covered the nursing home years earlier and they’d still have the money to hire aides for her.[/quote]

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