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Long-term care and the Living Trust & Templates

Seniors in America spend a great deal of time searching for a way that will spare their lifelong savings from being used to pay nursing home costs. It is a search for a rainbow’s end that no longer exists.

The various state and federal governments have all reached the conclusion that funds saved for a rainy day should be used for a rainy day and not for purchasing a 40-foot motorhome, luxury houseboat or a Cancun condo.

Slowly and surely they have been shutting off the remaining loopholes that in the past have allowed the well-to-do to plead poverty when the time came to move to a nursing home. Right or wrong, they control the purse strings to the government treasury and those that don’t agree to play by the rules end up receiving no Medicaid.

However, this has not stopped misleading newspaper ads, direct mail flyers and the hotel seminars of hucksters that infer that they have a secret plan or trick trust that will do the job. Investigation invariably turns up that these miracle long-term care cost cures are either

1) an irrevocable trust where the trust maker loses all control over his assets,

2) deeding all the assets to the children, or

3) an insurance policy that the huckster just happens to have for sale.

Yet, after hearing these truths time and again, too many seniors still tragically continue to chase the carrot the moment some stranger on the next lunch-counter stool whispers that a friend of a friend’s great-aunt Suzy, worth a half-million, got into a plan that enticed Medicaid to pay Suzy’s nursing home care 100 percent and she spent the half-million betting on the ponies.

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