M
mblajda
Guest
What is the name of your state? NH
My father-in-law was recently admitted into a private nursing home. In 1989 he set up a revocable living trust. In october 2000, he suffered a TIA, I recommended to my husband that he and his mother have the trust reviewed to be sure that the trust would protected them from having to expend all thier assets to a nursing home; the attorney they met with reviewed the trust and stated in a letter that they would be protected in case of a major medical occurance.
In general conversation with my attorney, we were discussing my father-in-laws move to a nursing home. I was explaining how relieved I was that my mother in-law insisted on purchasing long -term care policies as it will be very helpful until my father-in-law can be placed in a Vetrans nursing home (the application process and waiting list time can be up to a year), when the cost will be far less as he has no assets, because they have a trust. My attorney asked me what type of trust and I told him. He relayed to me that the attorney from 2 years ago was wrong, very wrong. I had the unfortunate duty to tell my mother-in-law this news. To further go on she was telling a friend of hers who happens to be an extremely wealthy business owner, about this trust issue; she the friend told my mother-in-law that our second attorney was wrong because she and her husband set up the same type of trust last year and were told the trust would protect them against anything...
Our delemia here is the following:
1. Does a revocable living trust provide medicaid protection?
My mother- in-law has no mortgage on her primary home or her secondary home which is in florida. She has 2 banks acccounts, 3 vehicles all which are in the trust.
2. Would my mother-in-law be considered to have "assets" when completing an application for anything?
3. who is right the first attorney, or the second attorney?
I have been researching the internet for specific information in the differences be tween a recovable living trust and an irrevocable living trust, however all the information has told so far is a brief description of how they work, not how they protect.
Thank you
mblajda
My father-in-law was recently admitted into a private nursing home. In 1989 he set up a revocable living trust. In october 2000, he suffered a TIA, I recommended to my husband that he and his mother have the trust reviewed to be sure that the trust would protected them from having to expend all thier assets to a nursing home; the attorney they met with reviewed the trust and stated in a letter that they would be protected in case of a major medical occurance.
In general conversation with my attorney, we were discussing my father-in-laws move to a nursing home. I was explaining how relieved I was that my mother in-law insisted on purchasing long -term care policies as it will be very helpful until my father-in-law can be placed in a Vetrans nursing home (the application process and waiting list time can be up to a year), when the cost will be far less as he has no assets, because they have a trust. My attorney asked me what type of trust and I told him. He relayed to me that the attorney from 2 years ago was wrong, very wrong. I had the unfortunate duty to tell my mother-in-law this news. To further go on she was telling a friend of hers who happens to be an extremely wealthy business owner, about this trust issue; she the friend told my mother-in-law that our second attorney was wrong because she and her husband set up the same type of trust last year and were told the trust would protect them against anything...
Our delemia here is the following:
1. Does a revocable living trust provide medicaid protection?
My mother- in-law has no mortgage on her primary home or her secondary home which is in florida. She has 2 banks acccounts, 3 vehicles all which are in the trust.
2. Would my mother-in-law be considered to have "assets" when completing an application for anything?
3. who is right the first attorney, or the second attorney?
I have been researching the internet for specific information in the differences be tween a recovable living trust and an irrevocable living trust, however all the information has told so far is a brief description of how they work, not how they protect.
Thank you
mblajda