Q: When mom moved into assisted living her house was sold as it was considered her asset.
Is there a trust that would have avoided this?
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A:
In Texas, there are various types of trusts that could potentially help protect assets like a house from being counted as part of a person's assets when determining eligibility for government assistance programs like Medicaid. One commonly used trust for this purpose is an irrevocable Medicaid trust, also known as a Medicaid asset protection trust.
By placing the home into an irrevocable Medicaid trust, the property may be excluded from the individual's assets for Medicaid eligibility purposes after a certain period of time has passed.
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