The cost of care in an assisted living facility or nursing home is staggering. Even though a personal residence is not counted as an "available" asset for medicaid applications (as long as there is an "intent to return"), the State of Illinois may place a lien on the property and collect after death for all the benefits provided under the Medicaid program.
For clients that are entering their later years, why not consider creating an irrevocable trust and funding it with your residence?
There are certain conditions and limitations to this strategy, but it may be a very smart option. Give me a call to discuss further.
