| Plan B…read on:
READER QUESTION:
We have an irrevocable trust for three and a half years. Unfortunately, my husband needed to go to a nursing home after contracting Covid. We are at day 23 of the hundred days covered by Medicare and Anthem. Is there any way to defray the cost of the nursing home at the conclusion of the 100 days if he cannot be discharged due to his condition? We do not qualify for Medicaid.
MY RESPONSE:
Never fear…Davidow is here! 😊 Plan A was for you both to get through the 5-year look-back. Unfortunately, That didn’t happen so let’s turn to Plan B.
Plan B is to revoke the irrevocable trust and return the trust assets to both of you. This eliminates all concerns of the look-back. Then we will transfer the assets just to you, the wife. There is no penalty for transfers between spouses. You will then invoke “spousal refusal” and your husband will immediately be eligible for Medicaid. Of course, there are other variables to consider on a case-by-case basis.
Please make an appointment to see us ASAP.
Now breathe! 😊 |
