Did you receive a $600 stimulus check a year ago? It was not considered income when it was received. But now that it’s a year later, if that stimulus check caused you have more than $2000 in your savings, you will become ineligible for Medicaid and lose all benefits.
There is a simple “fix” for this. While Medicaid requires you to cash in life insurance, it allows you to set aside up to $15,000 for burial expenses – if it is in an irrevocable trust. An irrevocable trust is one where, once established, you cannot get your money out of it until it is needed for burial expenses.
How do you get an irrevocable trust?
Attorneys can set these up, but they can charge a lot to do so. Instead, long-term care specialists can set up an irrevocable trust for you with no fees for doing so.
You can let the nursing facility take this money, lose Medicaid eligibility, or move excess dollars to a trust to pay for funeral expenses so your children do not end up having to pay for it themselves when the time comes.
Visit www.thelongtermcareguy.com/strategies/ and scroll down to the section entitled “What Can Be Done to Help Financially When You Already Need Care “. There, you can view a short video which describes this.