For many people, their house is their most valuable asset. Our new clients always ask, “How do I save my house from being lost to nursing home costs?” The answer in many situations is through the use of an asset protection trust designed for Medicaid purposes.
Assets placed into an asset protection trust are not required to be spent down to qualify for Medicaid benefits, nor are they subject to Medicaid estate recovery after death. Once you are past the state’s five year look-back, there will be no penalty if you apply for Medicaid.
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