Monday, November 10, 2014
After 20 years of agreeing with the use of an irrevocable "solely for the benefit of" trust, the State of Michigan has decided to disallow the technique commonly used to protect and preserve assets for married couples facing a nursing home stay.
While the State of Michigan will not say why it changed its interpretation of Medicaid policy that allowed for the trust, the change has been the equivalent of a nuclear bomb being dropped on the world of estate and elder law planning for seniors.
We are entering a new era of long term care planning. Now, more than ever, seniors facing long term care costs need experienced and knowledgeable legal advice in order to protect and preserve their estate. There are no "easy" answers and many potential pitfalls.
Please contact our office to discuss the latest changes to Michigan's Medicaid policy and the most up to date planning techniques for you and your family.