Listen to Lawrence…Can Medicaid claw back money from your estate after you die?
December 11, 2020
LISTEN TO LAWRENCE
Dear clients and friends,
Here is another one of your questions and my response:
QUESTION
If you have an irrevocable trust, can Medicaid claw back money from your estate after you die?
MY RESPONSE
The answer is no! Medicaid will absolutely have no claim to your trust assets after your death. This is one of the many reasons why these trusts work and why they are so popular. All you have to do to protect your assets is to fund the trust and get through the look-back period.
Medicaid can, however, go after assets outside the trust that pass through probate. A small example of this is when a person on Medicaid dies with an exempt bank account with up to $15,750. However, even this can be protected if the account avoids probate by being joint or naming a beneficiary.
I hope this helps! Please forward this information to your friends and relatives.
As always, please send me your questions. If you are thinking about it, others are probably too, so my answers will no doubt help you and many others.
Let’s stay connected.
LISTEN TO LAWRENCE
Stay safe!