January 18th, 2018
Q
I recently had my
living trust updated after 20 years. Now I regret that I didn't convert the trust
to an irrevocable trust. I recently had a mini stroke and am scheduled for some
surgery. Can I convert the trust to an irrevocable trust at the same time that
I submit an application for Medicaid?
A
No. The creation and
funding of an irrevocable trust, whether creating a brand new trust or amending
a revocable trust to make it irrevocable, within five years of applying for
Medicaid will result in a Medicaid penalty period. You could end up being ineligible
for Medicaid benefits for up to five years. To find out if there is anything
you can do, we suggest consulting with an elder law attorney in your state. To
find one near you, go here: https://www.elderlawanswers.com/USA-elder-law-attorneys.
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