Posted by: Vernon Ready
Including a friend or relative in your will could jeopardize the recipient’s eligibility for government assistance, including Medicaid. If someone relies on Medicaid, even a small inheritance could disqualify them, in some cases costing the recipient much more than the gift itself was worth.
It is possible to protect Medicaid eligibility by placing the inheritance in a trust. However, someone other than the intended recipient must be designated as trustee, and that trustee must be given complete control and discretion over whether and how any distributions are made.
Before including beneficiaries in a will, a wills and trusts lawyer will consider the implications of all potential gifts, and fully advise the client regarding the best ways to protect Medicaid eligibility.
Seek the assistance of a knowledgeable wills and trusts attorney to ensure your intent is carried out and unexpected consequences are minimized. Call Ready Law at 720-201-3802 to schedule your consultation.
About the Author:
Vernon Ready is an award-winning Colorado lawyer with an in-depth understanding of all areas of family law, estate planning, and personal injury. His energetic and aggressive advocacy approach allow him to successfully navigate complex cases, including high asset divorce and complicated custody issues. During his time at the University of Colorado Law School, Ready won numerous awards for his trial advocacy skills. Since being admitted to practice in 2009, Ready has become well-known throughout Denver and the state for the passionate defense of his clients and his unparalleled understanding of the law.