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Many people believe you must make some provision for your children in your Will. However, there is no legal requirement that a child or any other person be included as a beneficiary of your estate with the exception of your spouse. A spouse cannot be left out of an estate with out the spouseÍs consent.
A person can qualify for Medicaid benefits by putting all of their money into a special type of trust. Although this was true at one time, Medicaid no longer recognizes those types of trusts and, in fact, the creation of a trust to hold assets may be more harmful than helpful.
Should I give my home to my children so that I qualify for Medicaid benefits? Giving your home away turns an exempt asset (an asset that is not counted for Medicaid eligibility purposes) into a nonexempt asset and again, may be more harmful than helpful to the Medicaid qualifying process.
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McMurry & Livingston, PLLC
333 Broadway, 7th Floor
P.O. Box 1700
Paducah, Kentucky 42002-1700
Phone: (270) 443-6511
Fax: (270) 443-6548
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| The firm provides counseling for clients regarding qualification for Medicare and Medicaid benefits. Our Elder Law attorneys work with elderly and disabled clients and their families in the area of estate conservation planning to legitimately protect the clients' assets from risk of loss. Every effort is made to coordinate our elderly clients' needs with their existing estate plans by reviewing and preparing advance directives, such as durable powers of attorney and living wills. Advice is also provided concerning long term care policies, housing options and continuing care contracts. |
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