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Does an Irrevocable Trust Protect Assets from Nursing Home?

Does an irrevocable trust protect assets from nursing home

The reality of aging is a part of life, and, as unpleasant as it may be, it may lead to needing long-term care before we pass away. 

Whether it is caring for a specific cognitive illness, such as Alzheimer’s disease, or any number of physical ailments that leave a person unable to care for themselves, going into nursing home care requires us to examine a host of issues. This includes the costs of a nursing home and how to protect your assets.

The costs of nursing home care are expensive, and most people cannot sustain paying privately for very long. Usually, they will apply for Medicaid, and use different maneuvers to make sure they are eligible. In other cases, people may want to protect their assets from nursing homes, especially after they pass away. One of the ways to do this is through an irrevocable trust.

Irrevocable Trusts

An irrevocable trust can help a person avoid having to give away or spend his or her assets to qualify for Medicaid. What is important to remember is that not all irrevocable trusts are the same. Some irrevocable trusts take assets fully out of the ownership and control of the owner. However, this no longer is the only option when considering asset protection. The Mattar Firm offers a trust that not only lets you protect your assets but also, controls them. You get to have the best of both worlds with the Irrevocable Pure Grantor Trust. Gone are the days when you would have to file a different tax return with your trust. This is no longer necessary when you have the proper Asset Protection Trust.

Transferring your property to an irrevocable trust can also protect it from Medicaid Estate Recovery. With the proper asset protection trust, you can now place your assets into the trust and continue to manage them, as long as you have a co-trustee by your side. You no longer have to go through a third party in order to protect those assets. The Mattar Firm teaches families about this breakthrough in trust law, weekly at their free educational workshop. Assets can be sold, and any profits made from the property or house are to be kept in the trust. This enables the seller to protect more of the value of the house if it ends up being sold.

When a person passes away, the irrevocable family trust will also protect their assets from Medicaid Estate Recovery, which is essentially the government going after their assets to pay back what they paid for them. Since the assets are no longer in their name in an irrevocable trust, there is nothing for Medicaid to go after. 

Contact The Mattar Firm

Deciding how to protect your assets from nursing homes and Medicaid can be stressful, but our experienced asset protection attorneys at The Mattar Firm can help guide you through the process. As we are all living longer, the chances that we will end up in a nursing home are pretty good. Figuring out how to protect your assets is a worthwhile endeavor. Contact us today at 239-222-2222 or 844-444-4444.

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