Had to choose between a Medicaid trust and a regular will for my dad... went with the trust

After my dad's stroke last year, my sister and I sat down with a lawyer in Des Moines to figure out his finances. He's got about $180k in savings and a small house. The lawyer laid out two paths: a standard will that would let the state take most of it if he needs nursing home care, or a Medicaid trust that protects assets but costs $3,500 to set up. We went with the trust. Took three months to get everything moved over, but now I don't lose sleep over him losing his house. Anybody else had to pick between these two options and regret the choice?

2 comments

2 Comments

lucast812d ago

Yeah, "lost everything to the state" is exactly what I was scared of with my dad. We did the trust too, same cost around there, and it's been a huge weight off. No regrets at all.

wendy_henderson212d ago

My buddy Tom in Cedar Rapids did the will and lost everything to the state within a year.