How Single Person Protects Assets From Nursing Home - Medicaid Planning: Part 3 of 6 - Transfer To..

Build your estate plan online! MyAdvocate is the online solution for creating and maintaining your Will and all other legally-valid estate planning documents. Click the link below to get started! https://www.myadvocate.com/join/paul -- Playlist for Six-Part Series:    • Playlist   For an individual to protect their estate and qualify for Long Term Care Medicaid when they enter a nursing home, they often have to transfer resources of theirs out of their name. But then the question arises, "Who or what do you transfer your assets to?" Many parents are skeptical about putting their assets in their children's names. Strange things can happen when parents transfer their money and their property to their kids: spending habits, spouses, debts, divorce, or even a child's untimely death could wreak havoc on the best laid plans. Also, when you donate appreciated assets to children, they get a carry-over basis which will likely cause the children to pay significant capital gains tax when those assets are subsequently sold. So many people who want to transfer assets for future Medicaid eligibility purposes transfer those assets to a particular type of trust. Note that transferring your assets to the "avoid probate revocable living trust" does not protect them from your future nursing home expenses. When you establish your trust, your attorney will walk you through some of the decisions you'll need to make when setting things up, such as who will be the trustees and the principal beneficiaries of your trust. For prospective law firm clients who want to schedule a free 15 minute initial phone call with Paul Rabalais, go to: https://go.oncehub.com/Paul8 This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship. Paul Rabalais Estate Planning Attorney www.RabalaisEstatePlanning.com Phone: (225) 329-2450