Trusts can undermine Medicaid eligibility even if they accomplish other goals
A “Trust” is an estate-planning structure that has many different uses and purposes. Fundamentally, to be valid, there needs to be (a) a Trustee — the manager, who is not the owner of the assets; (b) a Beneficiary – the party that the trustee can spend assets on, who is not the owner of the assets, (c) terms and conditions – usually contained in a legal document...
Elder penalized for wages paid to family caregiver, due to insufficient evidence
When a person applies for Medicaid to pay for home care or nursing home care, a penalty will be imposed if assets were given away during the preceding five year “look-back” period. There are numerous regulations in federal and state law concerning “uncompensated transfers,” which are gifts. A “gift” is distinguished by law from a “payment for goods...