Estate Planning

Will a transfer of assets to an Inter Vivos Irrevocable Trust automatically create a 60 month period of ineligibility for Medicaid ?

Answer:

Any transfer of assets to an Inter Vivos Irrevocable Trust will not automatically create a 60 month period of ineligibility for Medicaid. When a transfer to a trust is made the period of ineligibility will be calculated by taking the dollar value of the asset transferred and dividing it by the average monthly cost of a nursing home as determined by the Department of Social Services in your area. Not all transfers to a trust will automatically create a 60 month period. There can be transfers made to a trust which create periods of ineligibility of less than 36 months. Speak to your local CPA or an elder law attorney for more information on trust transfers and Medicaid.
CPAdirectory
Answer Provided by: CPAdirectory

Share This Answer

Looking For More?

View all Estate Planning Questions

View More Questions