Mullooly Asset Management
Mullooly Asset Management
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Protecting Your Future: Irrevocable Trusts, Medicaid, and Long-Term Care in New Jersey
• 22 minWhat if you could shield your hard-earned assets from the costly implications of long-term care? What if you no longer had to worry about the dreaded five-year look back window while applying for Medicaid? That's exactly what we're unpacking in episode number 463. We use the real-life example of Mrs. O'Malley, an 82-year-old woman striving to protect her home, to demonstrate the advantages of transferring assets into an irrevocable trust. We emphasize the might of legal advice in this process and highlight the boons of an irrevocable trust, such as the ability to downsize without resetting the infamous five-year countdown. We also take a deep dive into the varied types of long-term care services in New Jersey, their respective costs, and the potential fallout of transferring assets prematurely before applying for Medicaid. Discover the value of written care contracts with family members, the role of annuities in Medicaid computations, and the exceptions for transferring assets to a spouse or disabled child. This episode is brimming with practical advice and vital information for anyone considering their long-term care options in New Jersey. Buckle up and get ready to arm yourself with the knowledge you need to approach your future with confidence.
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