Скачать или смотреть Are Revocable Trust Assets Subject to Medicaid Estate Recovery

Estate Planning Attorney - Jason Neufeld - Explains what happens (and what could happen) during Medicaid estate recovery to any assets that were placed in a revocable living trust.
Learn more about Medicaid Estate Recovery → https://www.elderneedslaw.com/medicai...


Medicaid Estate Recovery (video) 👇
   • Medicaid Estate Recovery  

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Transcript:
Are assets held by a revocable living trust subject to Medicaid estate recovery? We get this question all the time. It's a very good question. And the answer is well, first, let's talk about what is Medicaid estate recovery real quickly.

The idea is that when someone passes away, if they received Medicaid benefits starting from the age 55 through the rest of their life, Medicaid essentially has it becomes a creditor of their estate, meaning when someone passes away, if a probate is opened, Medicaid is a creditor the way an unpaid visa bill becomes a creditor the way that unpaid FPL bill becomes a creditor. The way anyone you might owe money to when you pass becomes a creditor, they all are going to have their hands out.

The difference is Medicaid only has is entitled to money. If there's a probate opened. Now revocable living trust is typically a great way to avoid probate. Now, that being said, just because your assets are on a trust does not mean you have 100% guarantee of avoiding Medicaid estate recovery. And the reason for that is Is anybody has the right to open up an estate, it's not just you, I mean, you're you have passed, but it's not just your heirs, or people who are interested in your personal representative or executor who can open up an estate, your creditors have the right to do that, too.

So 80 of your creditors catch wind that you have passed away and they go, gosh, you know, this person really owed us a lot of money. They have the right to open up the estate, and now anything in that revocable trust, if they open up an estate within two years of your passing, they have the right to say hey, we want to get paid first before heirs get paid. And they have the right to do that. Now. If two years passes, they are forever barred. It's a statute of limitations after two years from the date of your death, whether they've been put on notice or not. They have no right to ask for the trust or any beneficiaries for anything we returned to that. So that's sort of the planning and we can explain that in more detail. You're interested in estate planning or Medicaid planning anywhere in Florida. Please give us a call set up a consultation. We'll talk about this and certainly many other issues. Take care and Thank you