Is property held in an applicant’s revocable living trust a countable asset?
Many clients come to my office and they tell me that they were told that if they put their assets in their trust, their revocable trust, they will not be countable for eligibility for Medicaid. That’s not a true statement. Certain assets in the trust will be exempt anyway, whether they’re in a trust or not, such as your house, a car, a few other items. But putting assets that would otherwise be countable into a revocable trust, does not make them exempt. They will still be countable. It doesn’t help you at all.