My question involves estate planning in the state of: IL
Older Parents are in 70s in IL and are in process of developing their estate plan. Assets are less than 500K. Currently they both are in relatively good health and not in nursing home. Their objective is if one of them passes, part of their estate is saved and is used for comfort of the second spouse without the assets being considered as countable asset or income for Medicaid or other government aid in case the second spouse needs to enter nursing home after the passing of the first spouse. How would you recommend the estate be configured?
I am aware of third party funded Supplemental Trusts can be used for covering items not covered by Medicaid, but do not know if it could be funded by the assets of the first spouse after they pass from their living trust, and can the second spouse be a beneficiary from Supplemental Trusts even if they are not utilizing government benefits.
Thank you
Older Parents are in 70s in IL and are in process of developing their estate plan. Assets are less than 500K. Currently they both are in relatively good health and not in nursing home. Their objective is if one of them passes, part of their estate is saved and is used for comfort of the second spouse without the assets being considered as countable asset or income for Medicaid or other government aid in case the second spouse needs to enter nursing home after the passing of the first spouse. How would you recommend the estate be configured?
I am aware of third party funded Supplemental Trusts can be used for covering items not covered by Medicaid, but do not know if it could be funded by the assets of the first spouse after they pass from their living trust, and can the second spouse be a beneficiary from Supplemental Trusts even if they are not utilizing government benefits.
Thank you
Estate Planning Strategies: Protecting Assets from Being Considered As Countable Assest for Beneficiary Spouse
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