Elder Law Answers
Can I Transfer Assets Using Medicaid's Disability Transfer Exception?
I know that transfers made to a trust for the sole benefit of anyone under age 65 who is permanently disabled are exempt f...
Read moreCan I Transfer a House with a Medicaid Claim on It into a Trust?
- June 21st, 2016
Q
I am 58 and retired. If Medicaid has a claim on my property now, is it too late to place my property in an irrevocable trust so that any medical bills after the five-year look-back period cannot be charged to the property? If the property is in an irrevocable trust, it can be sold and the money stays in the trust. Can I direct the trustee to use that money to buy another house?
A
You can put your house into an irrevocable trust for Medicaid planning purposes, but it will still be subject to the medical claim. Once the house is in the trust, it can be sold and the proceeds used to purchase another residence. However, you should probably not have the right to direct the trustee to do this. While each state has its own rules and practices regarding irrevocable trusts, retaining the power to direct trustee actions could mean that the Medicaid agency considers the property in the trust to continue to belong to you. You’ll have to consult with a local elder law attorney to be sure. To find an attorney near you, go here: http://www.elderlawanswers.com/elder-law-attorneys.
Local Elder Law Attorneys in Ashburn, VA
Meet Evan Farr
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Evan Farr
Farr Law Firm
In practice since 1987, Fairfax Attorney Evan Farr is widely recognized as one of the leading Elder Law, Estate Planning, and Specials Needs attorneys in Virginia and one of foremost experts in the Country in the field of Medicaid Asset Protection and related Trusts. Evan Farr has been quoted or cited as an expert by n...
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Meet Judith Mitnick
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Judith Mitnick
Needham Mitnick & Pollack, PLC
Judith Mtinick is well known for acting as a guardian, conservator, trustee or agent on behalf of clients or by court appointment. This experience gives her a wide perspective and extensive practical knowledge that she uses when advising clients in drafting their planning documents. Her experience, as a court appointed...
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Meet William Fralin
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William Fralin
The Estate Planning & Elder Law Firm PC
Bill founded The Estate Planning & Elder Law Firm, P.C. in 1994. Bill limits his practice to the areas of estate planning and administration, incapacity planning, Medicaid, asset protection planning, and elder law. He is one of (15) fifteen attorneys practicing in Virginia, Maryland and the District of Columbia, ce...
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