As published in The Retirement Connection Guide:
Provided by: J. Thomas Pixton, The Pixton Law Firm
For more information: www.PixtonLaw.com, 503-968-2020
- Transferring all assets to children or other relatives. This almost always results in a penalty period of ineligibility that begins after application for Medicaid and other public assistance. Tax consequences can be significant. Make gifts only with legal counsel.
- Selling the family home to pay for nursing home costs. This is often not required, yet many still believe that the home must be sold to pay for care.
- Relying only on a will or living trust. A will has no effect until approved in probate proceedings after death. A living trust is preferable in most cases, but generally does not protect assets from
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