Medicaid income trust

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Medicaid income trust

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louise2

Posted 9/24/2008 9:52:53 AM

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Last Login: 9/24/2008 9:32:50 AM
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My mother may require nursing home care in the next five years, requiring her to "spend down" and lose everything (including some farm land that has been in the family a long time). An elder law attorney suggests that she can create some kind of trust (medicaid income trust?) that will protect the land and possibly other assets such as an annuity, CDs, etc-- if these assets are transferred to the trust prior to the 5 year look back period. In other words, she would need to pay for care until the 5 year period has passed. But might be able to save the land.

He would charge $6500 in fees to do the necessary paperwork and planning. Does this trust sound legal and effetive? If legal/effective, does his fee sound reasonable? Thanks for any advice you can give me as my mother's POA!

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