If you end up needing Medicaid, the government will look closely at your assets.

There are some ways around the problem of having assets and needing Medicaid. An irrevocable trust is one of the answers.

A Medicaid Asset Protection Trust is a trust that is set up specifically to protect assets from Medicaid, while still qualifying an elderly person for Medicaid assistance with long-term care. These are irrevocable trusts and, in Tennessee, any assets put into them at least 5 years before applying for Medicaid are protected. The trusts are not perfect, since the trust settlors cannot use any of the principal in the trusts. However, income can be used.

We can advise you about a Medicaid Asset Protection Trust.