East Bay Business Daily

Does putting assets in a Revocable Living Trust allow a Senior to qualify for Medicare?

This is for a senior who wants to leave her assets to her grandaughter but she won't have anything left to leave if she continues to have to pay all her medical expenses. She is in her 80s.

Public Comments

1. If you mean Medicaid, I believe the "revocable" part of this trust structure will disallow its exclusion from her estate - meaning she will have to include the amount of the trust in determining whether or not she qualifies for Medicaid. In addition, there is a 3-year look back period, so if she makes any estate transfers today, she will need to wait 3 years before applying for Medicaid for those assets to be excluded.
2. I don't understand what you mean. All seniors are entitled to be on Medicare, from age 65 for a man, and age 62 for a woman. She has been on Medicare for at least the last 20 years. She should also sign up for a Prescription card that will entitle her to get significant discounts on her medications. This new law has been in force for a couple of years now. I don't understand why nobody has helped her to get one. She also can pay for a supplementary Medical Insurance Policy that will pick up all medical expenses that Medicare doesn't pay. Medicare sets an upper limit for a particular procedure or doctor visit. They pay that amount and the supplementary policy picks up the rest. I would recommend the one I know something about Old Surety. Get in touch with them, they're good people. I have, of course, assumed that you are talking about here in the United States. It seems to me that this elderly woman has not been receiving much help from family members with these matters, which is a great pity. She could have been saved a lot of unnecessary distress and confusion.