No. This is a very common misconception. There are several reasons to have a living (revocable) trust. However, asset protection planning and nursing home protection are not reasons to have a revocable trust. Under federal Medicaid law and under most states laws, your revocable trust is considered your asset and must be "spent down" before you qualify for long term care in a nursing home. Also, because your revocable trust is your asset, it can also be reached by your creditors if you get sued.
About Swier Law Firm's Estate Planning & Probate Practice Group
Swier Law Firm has a nationally recognized practice in estate planning and probate law and handles the following types of cases:
Take a look at our valuable estate planning books and articles. Our materials are full of tips and advice. All materials are written by the law firm's nationally recognized estate planning attorneys and provide detailed South Dakota-specific information designed to help anyone with estate planning issues. You can request your free copy by clicking on the book cover below.
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