"The best planning occurs early.

For many older Americans, their home is their largest asset. Medicaid rules and the five-year look-back make it imperative to start planning early to protect and preserve your home and other assets. If you are in your 60s, 70s or even 80s, you should consider transferring ownership of your house to the Trustees of an Irrevocable Income Only Trust (IIOT). The Trust works well because while you continue to pay your bills and real estate costs, after five years the value of your house will be protected from any possible costs of long-term care. An IIOT can protect assets in addition to your home, such as savings and brokerage accounts.

If Nursing-Home Care is imminent, we can review a variety of strategies and legal options for protecting real estate and other assets when the individual enters a nursing facility.

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© 2011 Robin P. Freimann, Elder Law & Trusts