Karen Ann Ulmer, P.C.
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Posts tagged "long-term care planning"

Irrevocable Trusts

A trust is a mechanism wherein assets are set aside for certain beneficiaries and managed by a trustee subject to the terms of the document. Irrevocable trusts cannot subsequently be modified or terminated. Irrevocable trusts can help protect assets for parties who may need long-term care. Elderly persons needing long-term care often try to utilize Medicaid to assist with the expenses. Medicaid is a need-based health care program so there are limits on the amount of income and assets a party can have when seeking eligibility. An individual should plan ahead to make sure any countable assets and income are structured so as not to affect any future applications for Medicaid. Medicaid can look back five years from the date of an application so it is important to do any relevant estate planning well in advance.

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