Tinley Park Elder Law Attorneys | Medicaid Lawyers, Tinley Park

In this article, our Tinley Park Medicaid attorneys discuss life estate deeds and irrevocable trusts.  Their use allows yourself to be eligible for Medicaid assistance with long-term care without drawing down your assets.  We also discuss irrevocable trusts and how they are used to prevent Medicaid from seizing assets upon your death if Medicaid pays for your long-term care.  Since Medicaid requires your assets to be spent to be eligible for long term care assistance, this information can be invaluable to protect assets for your loved ones.  The Medicaid 5-Year Look Back Period is explained, which delays eligibility for Medicaid when you transfer certain assets to your family members.  We compare life estate deeds and revocable living trusts as Medicaid planning tools and ensure you know the choices that are right for you and your loved ones.

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Our Tinley Park elder law attorneys discuss Medicaid income requirements, the Medicaid look back period, and Medicaid eligibility requirements. Gifts made within five years prior to applying for Medicaid nursing home assistance will disqualify you for Medicaid benefits for a certain period of time depending on the size of the gift.  In addition, any such gifts may be reversed after you pass, allowing the government to seize the assets despite the gift. Life Estate Deeds and Irrevocable Living Trusts can be used to (1) qualify for Medicaid assistance while still preserving your assets; and (2) pass your remaining assets to your loved ones without them being subject to a Medicaid Lien.

Our Tinley Park elder law attorneys explain several goals to consider to establish a good estate plan and what it can accomplish for your family.  Tools that we use to accomplish these goals are discussed that apply to nearly everyone.

• ‍Our Tinley Park elder law attorneys explain several goals to consider to establish a good estate plan and what it can accomplish for your family.  Tools that we use to accomplish these goals are discussed that apply to nearly everyone.
• Using revocable living trusts to ensure your estate doesn't require costly probate court.
• Using trusts and wills to appoint executors and trustees to protect, manage and distribute your assets according to your wishes.
• Using healthcare property powers and powers of attorney to ensure guardian proceedings won't be necessary if you become mentally incompetent.
• Using a living will to make end of life decisions.                

Also discuss several more specialized goals, such as:

• Avoiding estate taxes
• Planning in the event a loved one with special needs
• Protecting your assets from creditors and planning for long term care.

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