Legal Question in Elder Law in New York

irrevocable Medicaid trust

Is it wise to open up an irrevocable living trust for my mother, 81, to protect her assets should she require a nursing home? I know they can look back 5 years. She lives alone in pretty good health but shows signs of mental decline. Also, what monies/assets wouldn't you put into the trust? What are the pros and cons of such type of account?


Asked on 2/19/09, 2:16 pm

1 Answer from Attorneys
Richard Bryan Richard Bryan Attorney PC

Re: irrevocable Medicaid trust

You are to be commended for thinking ahead about mom's welfare; god bless you. Most people wait until it's too late. That being said, Medicaid planning is a very specialized area of the law, and there are a lot of ways to make mistakes. Continue on the pro-active and responsible course you are taking, and make an appointment to see an attorney in your town to discuss these issues. The most you can get via the internet is some general information which may or may not be helpful to mom's particular situation, and you know how to use google for that. It's nice to use WebMD to find out helpful information about medical issues, but you wouldn't use that to diagnose mom's illnesses, would you? Don't be penny-wise and pound foolish: spend the money and get face to face counseling.

Good luck.

Rick Bryan

New York, NY

Read more
Answered on 2/19/09, 9:17 pm


Related Questions & Answers

More Elder Law questions and answers in New York