Medicaid and the Living Trust

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You've probably gotten a postcard or seen an ad for a consulation on "Living Trusts" and all the benefits they supposedly offer you. Basically, a Living Trust is a trust you create and fund during your life and which you retain the capability to turn and revoke at any time. They have their place and can be quite useful, in the right circumstances, but the quiz, of today is whether they are useful if you may be applying for Medicaid.

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How is Medicaid and the Living Trust

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The problem with Living Trusts for man applying for Medicaid is that everything titled in the name of the Living Trust is considered an ready asset, even if it was exempt outside of the Living Trust. For instance, your home is exempt (up to 0,000), but if you deed it into your Living Trust, it suddenly loses its exemption. That alone can cause you to become ineligible for Medicaid, forcing you to deed your house out of the Trust back into your own name. The same would be true of your car or even your other personal property.

Now bank accounts and investments can categorically be titled in the name of the Living Trust, since such assets are countable whether they are titled in your name or in the Trust's name. However, if you are single, you will have to spend down those assets in any case, in order to qualify for Medicaid, so that's a dubious benefit.

Since you basically have to withdraw all the Trust assets and retitle them back into your own name, as you can see it makes categorically no sense to pay an attorney to create a Living Trust for you if you are particular and facing long-term care, and if you think that you may need or want to apply for Medicaid at some point.

If you are married, it is potential for the society Spouse (i.e., the spouse not in the nursing home) to have assets titled in the name of a Living Trust, but there is normally miniature advantage to doing so in a state like Colorado which has relatively uncostly and simple probate procedures.

As a matter of fact, there is a type of trust that the society Spouse can set up to be funded after the death of the society Spouse, which can hold assets for the advantage of the nursing home spouse yet not count against that spouse's Medicaid eligibility. However, such a trust cannot be used in a Living Trust and can only be used in a Will.

So the episode of all this is that Living Trusts may be useful for general estate planning purposes but are inappropriate--or worse--in a Medicaid planning situation.

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