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Is a Medicaid trust the cure?

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by on
in Small Business Tax Deduction Strategies

We’ve all heard horror stories about wealthy individuals who have an entire lifetime’s fortune quickly drained by extended nursing home stays.

Strategy: Investigate an irrevocable Medicaid trust. Depending on your situation, you may use such a trust to protect some of your assets, while qualifying for Medicaid coverage.

Here’s the whole story: Typically, you can transfer assets—possibly including your home—into an irrevocable trust managed by a professional or family member or friend. If the trust is properly drafted, it will enable you to continue to enjoy benefits of ownership, such as the right to continue to reside in the home and the right to receive income. In addition, the trust may be structured to allow you to change the trustee if you become dissatisfied with his or her performance. However, in no event can you receive principal from the trust.

By transferring a significant portion of your assets to the trust, you’...(register to read more)

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