Irrevocable Trusts - Stay Ahead of the Look Back
Medicaid’s Community Based Long-Term Care program is available to anyone who is “disabled” and needs personal care. “Disabled” includes having physical constraints that may come with natural aging. Those approved get fully paid caregivers, of their choice, that come to their home up to 12 hours a day, 7 days a week. It’s a vital program that keeps families stable, and most importantly, gives seniors the crucial care they need.
Under the new look-back, set to begin sometime in 2025, applicants will have to provide 30 months of bank statements and financials to be reviewed for any asset transfers. Up until now there has been no look-back at all (There’s still a 5-year look-back for Nursing Home Medicaid).
How can you prepare for this? By placing your home into an Irrevocable Trust. Simply put, an Irrevocable Trust is like a private corporation that protects your assets from any judgments, making it a shield against Medicaid liens. It does not require any formal identification other than your social security number, you keep all of your real estate tax exemptions, and upon passing, your property will go to your beneficiaries tax-free, without any chance of a will contest, and without any court intervention.
So why doesn’t everyone get an Irrevocable Trust? They either (a) don’t know about it, (b) don’t understand it, (c) don’t want to think about (d) all of the above. I encourage those who are interested in learning more to contact me anytime.
Jordan M. Endler, Esq. (631) 896-2211 has been practicing elder law since 2005. His company, Jordan M. Endler, P.C. is a general practice firm and is the Legal Plan Provider to Local 138 Members, their Spouses and their Dependent Children up to the age of 23. The Legal Plan covers - (1) Consults on any matter (extended consults onfamily law), (2) Traffic (when your license is at risk of suspension or revocation), (3) Criminal Defense (from arrest through trial up to 40 hrs), (4) Real Estate (purchases, sales, refinances and family transfers for primary residences), (5) Last Will & Testaments, (6) Powers of Attorney, (7) Health Care Proxies, (8) Living Wills, (9) Estates (petitioning the court for letters testamentary or administration), (10) Landlord-Tenant Defense, (11)Personal Injury (1/3 contingency fee), (1/3 contingency fee), (12) Attorney Demand Letters, and (13) 1/3 off for any matter not covered under the Legal Plan.