An irrevocable trust is a versatile tool to protect the assets of elders who may enter an assisted living facility or a nursing home in a few years. Many people in Brevard County are aware of the five-year look-back period that Medicaid imposes in its eligibility requirements. Placing assets in an irrevocable trust through advance planning can be invaluable for seniors to ensure that resources are available for a nursing home resident to cover the cost of care that government benefits are unable to provide.
Many seniors are concerned that the spend down concept commonly associated with Medicaid requires a community spouse to sacrifice his or her quality of life when a spouse requires long-term care. An irrevocable trust can help you to preserve your life savings and still qualify for government benefits. With the cost of long-term care rising, it is more important than ever to consult with a skilled estate planning lawyer to learn if an irrevocable trust is right for your circumstances.
Irrevocable Trusts In VA Benefits And Medicaid Planning Contexts
Historically, the Department of Veterans Affairs did not have a look-back period for elderly veterans seeking improved pension benefits under the Aid and Attendance program. The rules for VA A&A benefit eligibility are changing. The government is creating a three-year look-back period for asset transfers that could substantially impact elderly veterans and their families who may need the additional income available for the aid and attendance of a vet. Attorney Amy B. Van Fossen is VA-accredited with substantial experience in all manner of estate planning, elder law matters, asset protection and Medicaid planning.
We are devoted to helping seniors navigate complicated estate planning and government benefit regulations to help ensure that seniors receive the quality of life and care that they have worked hard for. A trust can be a powerful estate planning tool to avoid probate, protect assets or to transfer assets in association with special needs planning.
Learn If An Irrevocable Trust Is Right For You
No single estate planning tool is appropriate for every family. We are meticulous in communicating with seniors and their families to craft strategic solutions, to meet each client’s needs. We will not overcomplicate your estate plan. Our goal is to help you understand the available options to meet your needs and provide solid solutions to give you peace of mind.
To learn more about our comprehensive estate planning services, send us an email or call 321-426-1848 locally, or 800-495-9153 toll free, to arrange a confidential consultation with our elder law attorney in Melbourne, Florida.