I have Medicare and Medicaid, own a condo. I am 63 yrs ON SOC SEC disability 12yrs(worked prior), I am low income and heard that a irrevocable trust is the way to go with the five yr lookback detail so as my son will inhert my condo soley? I can not afford a elder law attorney as my income is less tan $14,000 annually.any suggestions? also, does Medicaid recup money from my property after using it for yrs for prescription co-pays ,hospital stays(four fractures),etc.?? I have never been in a nursing home, yet. I reside in Massachusetts, any comments? What are my options?
Medicaid planning and trusts have to be done BEFORE you go onto Medicaid to be exempt from the lookback. If he moves in with you and is your caregiver under a strict set of guidelines to keep you out of nursing home and reduce the costs to the state of providing your care, he MIGHT apply for exemption. But you are responsible for paying for your care, not leaving inheritance for your son unless he qualifies for special needs exemption/disabled on his own or being your direct caregiver.
Also Medicaid recoup / recovery or MERP actually is not your problem to deal with but whomever is your heirs. Could be that they could themselves totally qualified for an exemption or exclusion to recovery, for example they are low income themselves so get the low income exemption. Or your Son ended up moving in with you 10 years from now and cared for you full time so he qualifys for the caregiver exemption to recovery. Or Sonny opens probate (as yiu dud a will,and named him executor) and the value of your "estate" is such that MERP is not cost-effective for the state to do.
Since you are already on Medicaid, doing anything to change your assets places you in the situation to have a total review of your eligibility to be in Medicaid. What would happen is exactly what Pam said "medicaid stops...."
Personally, I find attempts to shield assets from Medicaid, while expecting to rely on it to support you, as offensive.
Perhaps your son could help you?
If you don't have funds to pay an attorney for an irrevocable trust, you might want to consider other options. ITs are far too complex for someone who's not an attorney (or even a paralegal) to prepare for him/herself. And I doubt you could find someone to prepare one for free/