In This Chapter
• Why you may want to give up your money
• The Medicaid-and-LTC-combo platter
• How to have your Medi-cake and eat it, too
• The assets that became income
• How to save the house
Long ago, in a galaxy far, far away … or was it four score and seven years ago … wait a minute, Medicaid’s only been around since 1965! Before the regulations changed, Medicaid planning was a heck of a lot easier.
We could go to a lawyer and establish a trust that let us invade principal and name trustees, but—poof!—once one of us was in a nursing home, the trust would morph into the kind of trust that allowed us to qualify for Medicaid. Those trusts don’t work anymore.
Or, we could put hundreds of thousands of dollars ...