Selling Home In Trust

Summary

Selling a home in an irrevocable trust in New York could impact Medicaid eligibility, as the income from the sale may be counted as an asset. If the trust was established within five years of applying for Medicaid, it might result in a period of ineligibility. Gifting a home in an irrevocable trust may also lead to ineligibility if done within the five-year look-back period. Consult an estate planning attorney for personalized advice.

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Doew selling a haome that is in a irrevable trust affect medicaid eligability?
Hello ****,
To provide accurate information, could you please tell me which state you are located in? Medicaid rules can vary by state.
New york
Hello ****,
In New York, selling a home in an irrevocable trust could potentially affect Medicaid eligibility:
- The Medicaid program may count the income from the sale as your asset.
- If the trust was set up within five years of applying for Medicaid, it might cause a period of ineligibility.
This is general advice, consider consulting with a local estate planning attorney for personalized advice.
Does gifting my home that is in a irrevocable trust affect y medicakd eligability?
Hello ****,
In New York, transferring a home in an irrevocable trust as a gift may:
- Lead to a period of Medicaid ineligibility if within five years of applying.
- Not affect Medicaid eligibility if done after the five-year look-back period.
This is general advice, please consult with an attorney for personalized advice.