What to do about the 5-year lookback rule regarding Medicaid?
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What to do about the 5-year lookback rule regarding Medicaid?
A husband lives in own home with no liens. The wife is in a nursing home on Medicaid. The husband probably to go assited living eventually. Their total assets are under $400,000. Should the house be put in Trust to protect it from Medicaid or is it too late?
Asked on February 19, 2013 under Estate Planning, Massachusetts
Answers:
Catherine Blackburn / Blackburn Law Firm
Answered 11 years ago | Contributor
Consult an Elder Law attorney about this. The Medicaid rules are controlled partly by the federal government and partly by the states. Placing a home in a revocable trust does not make it an exempt asset for Medicaid purposes and could actually be detrimental to Medicaid planning. The husband has sufficient assets to justify a plan designed accurately and appropriately by an Elder Law attorney in your area. He deserves this kind of careful planning.
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