An individual creates a special irrevocable trust in their lifetime in order to hold title to various assets that they own. This special trust is known as a Medicaid trust. It enables you to select your trustees and live peacefully in your personal property.
In the New York City, the average expense of old age home care is over $75K per year. If you are one of those people who worry about their estate being used for old age home expenses, a Medicaid trust is an ideal solution for you. Not only does it provide legalized protection of your properties but it also offers to manage them effectively.
It is possible that the income you earn might be too little to cover the costs of nursing care but relatively high for you to receive Medicaid services. If you desire getting long-term care at some time in your life, conducting Medicaid planning in extreme advance might be the right choice for you. You need to do so with the help of an elder care lawyer. Consulting a professional might raise your chances of qualifying for Medicaid.
The exempt and nonexempt properties are reviewed in order to determine your Medicaid eligibility. The nonexempt properties are considered as the ones that could be utilized for care expenses. On the other hand, exempt properties are not. However, there are some exceptions.Some of the nonexempt properties include savings and retirement accounts, stocks checking and more.