Medicaid Trusts are a Scam | Estate Planning TV 015
Medicaid trusts are a scam, plain and simple.
Ask any estate planning attorney worth their salt and they will tell you these truths about medicaid trusts:
1. There is a look back period of 5 years. Until that 5 years is up, your assets are not safe.
2. You will have to give up COMPLETE control over your assets. If there is an emergency and you need your assets you will not be able to access them.
3. You will have to name someone else as the trustee over your property.
4. If you do even one thing out of line with Medicaid rules ALL of your assets could be subject to seizure for your long-term care.
5. There are other ways to pay for long-term care that are significantly more effective and above board (namely long-term care insurance and/or a life insurance policy with a long-term care rider).
If you are considering a medicaid trust and want more information on the trust or the alternatives click here and schedule a strategy session.