Trusts are a useful tool to keep seniors from having to exhaust every last cent of their assets. My grandmother died with $34 to her name. I’m all for an income cap for eligibility or other reforms to keep the wealthy from taking advantage but these trusts do help low and middle income seniors.
What you describe is a very different scenario than what I’m describing. Someone worth millions sheltering their assets in the trust so they can draw medicaid that is meant for poor people. Does that sound right to you?
Like I said, I’m all for some kind of income (or asset) cap for eligibility. The graphic didn’t specify and I know, first hand, how important that type of trust can be.
Thank you for your comment. Perhaps your suggestion would be better. We just need to have free health care for all. This shit is ridiculous.
It’s too laborious and complicated fs. Especially since those are just symptoms of the government’s, past and present, stinginess.
It’s called the 5 yr look back. That needs to be protected, or they can take the money from your house to provide for elder care.
What’s called the 5 year look back? Folks with a lot of money and lawyers in place are more likely to have trusts long before the 5 year look back would be a problem. People with low to middle income, like my grandmother, are much less likely to have a trust to begin with, sadly.
Look it up and it will probably be explained more succinctly than I can here. Basically applicants for Medicaid or LTC can not have transferred assets for less than fair mkt value within 5 yrs of applying for it. So for eg, transferring their home to their children, to protect it.
I know what it is I just didn’t understand the point you were trying to make about it.
I understand the look-back period. This is my industry. I don’t care if they did it 5+ years ago. If they have millions in assets to put in a trust, they don’t deserve Medicaid ….. PERIOD. Medicaid is for the poor, not for people trying to cheat the system.
Oh, I’m in agreement on this. I’m just pointing out that most people need to be informed about protecting their loved one’s home. That’s it.