If I want to give away some of my assets in order to protect them from a nursing home, how should I do that? First, you need to recognize that if you do make gifts, go into a nursing home and run out of money within 5 years of making those gifts, Medicaid will refuse to pay for your nursing home expenses. Secondly, if you give assets away, you may need to get them back, and if the person to whom you gave them won’t or can’t give them back, that could put you in real financial jeopardy. Giving assets to a special kind of trust—an Irrevocable Asset Protection Trust—enables you to make those gifts but in a way that you may get the assets back if you need them. You should consult with a knowledgeable, experienced Elderlaw attorney before making such gifts.
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