Reply to Explain hiding assets from medicaid

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[quote=Anonymous][quote=Anonymous]I am new to all this, and reading through this thread trying to make sense of it for our circumstances.

If a senior has few assets — say, only a home, and not an especially valuable one, is it then *especially* important to put assets in trust? The asset/s will never be enough to pay for non-Medicaid care, so individual is likely looking at a Medicaid bed no matter what. But they don’t want to be completely destitute.

For someone like this, it feels like a trust is the difference between Medicaid + destitution vs. Medicaid + some tiny bit of security.

Am I understanding this wrong? [/quote]

You understand it correctly, but ... to put your assets in an irrevocable trust means to wholly and totally give away all your money to... your spendthrift son and greedy daughter?

Also you have to turn over your assets to someone you trust 5 years before you will be needing Medicaid.  That's a real leap of faith - to be living independently, doing just fine, and turn over all your assets forever to someone else.

Finally, the cost of setting up this trust is pretty big. I think it can be $3000 to $5000. So that's a deterrent.[/quote]

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