Most elderly Indiana residents do not have enough money to pay for the exorbitant costs associated with long-term care, nor do they have long-term care insurance to cover that expense. A meticulously crafted irrevocable trust may help preserve some money, investments, and other assets if nursing home care is required.
Medicaid planning is complex, and is best done at least five years before a person needs nursing home care. In general, assets transferred into an irrevocable trust are not counted as being owned by an individual if they have been in the trust for at least five years before the person is seeking Medicaid assistance.
If a person is in immediate need of nursing home assistance, the asset preservation options will be much more limited. If you or a family member are interested in protecting assets and are concerned with potentially exorbitant nursing home expenses, I invite you to call me to learn about your options.