Medicaid Planning with a Medicaid Living Trust

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We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Medicaid Eligibility . I want to take a moment to talk about some important long-term care Medicaid eligibility issues. There's a lot of Louisiana residents concerned that they'll have to deplete their life savings if they ever go into a nursing home. So these people are rushing to put all of their assets into their children's names. There's another alternative that allows you to retain control over what you have and there are also some tax advantages to it as well. We call this our Medicaid Living Trust. You can put stuff in your kid's names and you can put stuff into a very particular type of trust that has all the necessary Medicaid language in there. There are some pros and cons of each that I want to go over with you for just a second. Furthermore, you have to do this five years before you go into the nursing home so don't wait until the last minute. There are several reasons to not put assets in your kid's names. First, you lose control of those assets. It's not yours anymore to control. The second reason to not put your assets in your kid's names is that they will have to pay taxes if it produces income. So now you're adding tax consequences to your children. The third reason to not transfer assets to your children is because of what is called a step-up-in-basis. If you give them appreciated assets then when they sell them at some point in the future, there's going to be capital gains tax to pay. By putting it into your Medicaid Living Trust that we create for you, number one, you stay ...

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