Does my Aunt Need to Liquidate her Living Trust in Order to Receive Nursing Care or is this Covered my Medicaid?
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Summary
I live in NY and my Aunt has resided in NJ for the past 10 years. She had established a revocable living trust with herself as trustee. She now requires nursing care in NY which costs 13,000/month. Is she required to liquidate her revocable living trust or is this asset vulnerable to medicaid/nursing home attachment. |
“I live in NY and my Aunt has resided in NJ for the past 10 years. She had established a revocable living trust with herself as trustee. She now requires nursing care in NY which costs 13,000/month. Is she required to liquidate her revocable living trust or is this asset vulnerable to medicaid/nursing home attachment.”
You should consult with an attorney who specializes in elder law and financial planning. The laws governing the intersection of trusts and other financial planning instruments, medicaid, and payment of health care are very complicated, at best – and byzantine at worst. Find a local attorney who can advise you, and do it as soon as you are able in order to best protect your aunt’s assets.
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For more on this subject check out these categories: Finances, Health Care, Wills, Trust & Estate Planning
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State laws vary, and the above is intended as general advice, and not direct legal advice regarding any one particular situation in any one state. For direct personal legal advice related to your own situation you should consult an attorney familiar with the laws of your state and with your situation.
