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
Jeffrey Hammond
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
Bethesda, MD
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Margaret O'Reilly
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
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Jeffrey Hammond
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...
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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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