SWash95, a Trust definitely is not a do-it-yourself project. My parents and myself both had Revocable Trusts done under the guidance of an Elder Law Attorney.
And while at the Elder Law Attorney's office, we had our Power of Attorney updated, along with Living Wills, and Medical Directives.
Is a revocable trust the right one to get if medicaid is involved? Since a revocable trust is well... revocable. Isn't it considered a countable asset in determining medicaid eligibility? While a revocable trust may protect the assets from medicaid recovery if some how you get approved, the assets will be considered to see if you qualify for medicaid to begin with.
"Revocable Trusts
Many people are under the mistaken belief that a transfer of an asset to a revocable trust will help the individual qualify for Medicaid. Assets held in a revocable trust are always treated as still being owned by the individual for purposes of Medicaid eligibility. The reason these transfers do not help with eligibility is because the individual still controls the asset in a revocable trust, either by retaining the right to revoke the trust or by retaining the power to control the disposition of the assets (for example, being able to spend the money), such as by acting as trustee of the revocable trust."
And while at the Elder Law Attorney's office, we had our Power of Attorney updated, along with Living Wills, and Medical Directives.
"Revocable Trusts
Many people are under the mistaken belief that a transfer of an asset to a revocable trust will help the individual qualify for Medicaid. Assets held in a revocable trust are always treated as still being owned by the individual for purposes of Medicaid eligibility. The reason these transfers do not help with eligibility is because the individual still controls the asset in a revocable trust, either by retaining the right to revoke the trust or by retaining the power to control the disposition of the assets (for example, being able to spend the money), such as by acting as trustee of the revocable trust."
https://www.nolo.com/legal-encyclopedia/are-revocable-irrevocable-living-trusts-useful-qualifying-medicaid.html