Retirement Thread

[trndobrd]

Originally Posted by BigRedChief

Wonder if people try to game the system? Put all your assets in only one spouse's name so Medicare doesn't take all your assists before they pay for the assisted living?

Yes. An irrevocable trust is one way. The look-back period varies by state….5 years is common. Most states have exemptions, vehicle, primary residence , etc.

Oh, you have to REALLY trust the trustee. Effectively all the assets put in the trust are controlled by the trustee….and no way to reverse the decisions of the trustee without litigation to prove beach of fiduciary duty.

You can also simply transfer the assets to another person…still subject to look-back period. But if a person intends to leave an asset to a particular person in a will it can be better to transfer title earlier. For instance, you are going to leave the classic car to someone.


https://www.verywellhealth.com/irrev...dicaid-4173386