Comments on: Learning to Juggle with Your Property http://michiganelderlaw.info/2008/04/24/learning-to-juggle-with-your-property/ Help for Michigan Seniors on Estate Planning, Disability Planning, Medicaid and Nursing Homes Mon, 07 Jul 2008 10:47:08 +0000 http://wordpress.org/?v=MU By: Jerrold Bartholomew http://michiganelderlaw.info/2008/04/24/learning-to-juggle-with-your-property/#comment-116 Jerrold Bartholomew Wed, 02 Jul 2008 04:13:09 +0000 http://michiganelderlaw.wordpress.com/?p=67#comment-116 Mr. Peters, Thank you for your thoughtful comments. In response to your first question, yes, placing your assets in a properly structured irrevocable trust will begin the lookback period. With respect to the second, it appears to me that you are concerned with a situation with one spouse in the nursing home and a non-institutionalized spouse. In a case like that, I would generally advise a different type of irrevocable trust that will allow immediate qualification. This trust is called a solely for the benefit of trust, and while it does not protect assets in the event that the second spouse would need nursing home care, it does allow for assets to be protected from the cost of one spouse's long term care needs. Mr. Peters,

Thank you for your thoughtful comments. In response to your first question, yes, placing your assets in a properly structured irrevocable trust will begin the lookback period. With respect to the second, it appears to me that you are concerned with a situation with one spouse in the nursing home and a non-institutionalized spouse. In a case like that, I would generally advise a different type of irrevocable trust that will allow immediate qualification. This trust is called a solely for the benefit of trust, and while it does not protect assets in the event that the second spouse would need nursing home care, it does allow for assets to be protected from the cost of one spouse’s long term care needs.

]]> By: john peters http://michiganelderlaw.info/2008/04/24/learning-to-juggle-with-your-property/#comment-115 john peters Sat, 28 Jun 2008 13:31:37 +0000 http://michiganelderlaw.wordpress.com/?p=67#comment-115 Question #1. Once your assets are put into an irrevocable trust, are they then sheltered from medicaid for purposes of the 5 year look back period? That is, if this trust was established 4 years ago, would you have 1 year left of the look back period? Or if we did the trust today, and all assets (excluding house, car, burial plots and the $104,400) are in the irrevocable trust, does the look back period begin tomorrow and none of my assets will be touched for purposes of applying for Medicaid moving forward and will not impact the date that I can go on Medicaid? Thanks, Question #1. Once your assets are put into an irrevocable trust, are they then sheltered from medicaid for purposes of the 5 year look back period? That is, if this trust was established 4 years ago, would you have 1 year left of the look back period? Or if we did the trust today, and all assets (excluding house, car, burial plots and the $104,400) are in the irrevocable trust, does the look back period begin tomorrow and none of my assets will be touched for purposes of applying for Medicaid moving forward and will not impact the date that I can go on Medicaid?

Thanks,

]]>