08/03/2024
Nursing homes are expensive, however, it is possible to create an estate plan that will enhance eligibility for Medicaid to pay your nursing home costs. The primary document in such a plan is an Irrevocable Trust.
If you want Medicaid to pay your nursing home bills, you must apply. The application is essentially a declaration of assets – you must tell the Division of Social Services (“DSS”) everything that you own, that your spouse owns and that you and your spouse own together. If DSS determines that your assets are too valuable, you will not qualify.
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Use of Irrevocable Trusts in Long-Term Care Planning Nursing homes are expensive, however, it is possible to create an estate plan that will enhance eligibility for Medicaid to pay your nursing home costs. The primary document in such a plan is an Irrevocable Trust. If you want Medicaid to pay your....