Answer: A living trust does provide for a successor trustee to be involved if you are incapable of handling your financial affairs, but a living trust will not insulate your assets from a nursing home “spend down”. However, there are other legal techniques and provisions, which will normally allow you to avoid or minimize a nursing home spend down and permit you to qualify for medical financial assistance, but only if you proactively plan. To preserve your assets, it is absolutely imperative that this medical financial assistance planning be done as early as possible. Medical financial assistance planning also needs to be done hand in hand with modifications of your trust associated with your incapacity. The laws regarding medical financial assistance are extremely complex. Our office has been involved in hundreds of cases assisting people to qualify for medical financial assistance while preserving their assets. Our office will provide you more specific information or assist you upon your request.
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