Purpose of a Trust

The main purpose of every trust is to preserve assets that will eventually pass or transfer to beneficiaries. In order for the trust to be valid, the terms must clearly recognize that the assets will be transferred to beneficiaries. In addition, trusts are also used to:


Transfers of Assets Affect Medicaid

If a Medicaid applicant is married and his or her spouse resides in the primary residence, then the home is an exempt resource. The spouse is entitled to keep resources of $120,900. The applicant must have less than $2,000. Any additional resources above these limits must go toward the cost of his or her nursing […]

Medicaid Divorce and Asset Protection

As more elderly couples face the need for significant medical care, they are also looking to protect their assets in the event one of them becomes incapacitated and requires nursing home care. This has spawned a new term: “Medicaid divorce.”


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