“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.”
[NOTE: Articles and answers on DearEsq., while written and published by lawyers, do not constitute legal advice, and no attorney-client relationship is formed by your reading of this information. You should always consult with an attorney for any legal situations.]
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.
