Protect your house from Medicaid seizure with two strategies: get long-term care insurance if you can afford it and qualify, or put your home in a Medicaid Asset Protection Trust. The trust shields your property after five years, but you must set it up well before you need nursing care.
You're about to hear my plan to protect your biggest asset from government recovery. For many of you, your biggest asset is your home. You worked your entire life for it and you poured most of your money into it. But if one day you have to go to a nursing home, the first thing you'll have to do to get benefits is to give the government a copy of your deed. Let's make sure that doesn't happen. First thing you need to try to do is get long-term care insurance. Here's the problem. Carriers that offer it are very few. It is very expensive and it's very hard to qualify for it. Step 2 of this plan would be to put your home in a trust that protects it from Medicaid recovery. It's called a Medicaid Asset Protection Trust. Once the home is in that trust and it's been there for 5 years, the government cannot get to it. Downside is if you don't make it 5 years before needing long-term care. If that happens, there is no protection. So look into this early while the chances are high that you still have 5 years before you'll need the care.
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