Wednesday's Tip

Tip of the Day

Check to make certain that all of your real estate (home, cabin, farm, time share, etc.) and other assets are titled in the name of your trust.

Further Explanation

Creating a trust alone does not mean your assets will avoid probate. You must also change the title of each asset so that the owner is your trust.

Common Misconception

"Medicaid can't touch assets in a trust."

Not true. When you put your assets in a revocable trust Medicaid still considers those your personal assets. To put assets out of Medicaid's reach, you must put them in an irrevocable trust at least five years before applying for Medicaid. However, irrevocable trusts are extremely difficult to change so very few people are willing to use this extreme planning method.

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