Nothing pressing, just planning for the future if medicaid is ever needed.
According to lawyers, the gold standard to avoid medicaid recovery of say a house is to put it into a trust. But with some states passing laws that allow for transfer on death deeds, is there a point to it anymore? A TOD deed is basically the same as specifying a beneficiary on a bank account. The action occurs on death and the asset gets transferred to the beneficiary. As with a bank account, this avoids probate. In many states, medicaid recovery is only against probate assets. No probate means no medicaid recovery.
This seems far more flexible than a trust. There is no risk of medicaid disqualification since nothing happens until after the person dies. It can save thousands of dollars versus having a elder law attorney set up a trust.
That's the way I understand it at least. Is this wrong?