The first thing to be aware of, is that the government has clawback provisions that prevent people from giving away assets for the purpose of receiving Medicaid.
Any transfers made within five years prior to requesting Medicaid, will be scrutinized. If the transfers were for less than fair market value, then Medicaid eligibility can be denied.
It is possible to use irrevocable trusts to get around Medicaid eligibility problems.
Needless to say, those trusts need to be created very carefully and they also need to be created ahead of time.
If you are thinking of a trust, it would probably be best to work with an estate planning attorney who can advise you on your unique circumstances.
