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Originally Posted by trndobrd
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 |
The look back period is so important and something most people never look at.
That is why I hope that at age 80 I can just go to sleep one night and not wake up. Don't want to put my wife thru the pain of having to put me in a care/memory care place.