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How can I avoid a potential medicaid obligation? Consider this tax avoidance not tax evasion.

Updated • 1 month 1 week ago

“ELDER LAW QUESTION”: Age = 73, risk of stroke. My estate is $1.3 million. $600K house free & clear. Jackson IRA=$375K, Merrill&Schwab Invest.Mutuals = $260k. Pensions & SSA = $43,000-Annually. And $17,000 = required IRA distribution Annually. I’m “crafting” an estate plan. My “threshold question” is:   This is not specifically a Medicaid case but I DONOT WANT TO MAKE ANY ASSUMPTIONS.  I  know there is a 5 yr. rule for "re-title-ing" property & assets & an Income Cap Trust; to which I envision a "Receiving Trust" to bequeath to my Future Beneficiary, NOT the Government. I want a legal professional to say, "No, the preceding is not practicable. Go forward & manage yer finances and fund yer own residential care. "

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Fri, 05/10/2024 - 18:38 This page is dedicated to Elder Law in Newport

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