Note: The DearEsq free 'ask a lawyer' site is offered as a free informational service to the public and is not intended as legal advice. Laws vary from state-to-state, and in addition every situation is unique, and relevant facts may not be known. The answer to the question posed below may not apply to in your state or to your situation. For legal advice in your state and your situation you should consult with an attorney in your state who is familiar with the rules and laws in your state.
“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.”
Question: 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.
