Do I need a Medicaid Trust if I already have a Revocable Living Trust?
While a revocable trust is the foundation of many good estate plans, by itself your revocable trust will not protect your assets from nursing home care costs. A Medicaid Trust may be needed to obtain this additional protection.
If you are not ready now to create your own Medicaid Trust, you can still authorize the trustee of your revocable trust (or the agent of your power of attorney) to activate a nursing home plan for you when needed. This requires drafting special instructions to make sure that your plan if followed. An estate planning attorney whose practice is dedicated to helping clients explore these complex issues should be consulted to see if this option is preferable to creating a Medicaid Trust now.