If I create an Irrevocable Medicaid Asset Protection Trust to protect my assets against the cost of nursing home care, must I transfer all of my assets into it? No. Whatever assets get transferred into that trust will be protected after the 5-year “Look-Back” period passes, and any assets left out of the trust may have to be used up to pay for those costs. However, you may keep out as much as you would like, so long as you realize the risks of doing so. You should discuss this with an experienced Elderlaw attorney.
-Attorney Jack N. Alpern