Is property held in an applicants revocable living trust a countable asset for Medicaid eligibility purposes?
Yes, when you set up a revocable living trust, that is just like you owning property as an individual. Therefore, any assets that you transfer into that trust will be considered an asset under the Medicaid ICP program. A lot of people confuse this with an irrevocable trust. An irrevocable trust is where you transfer assets into a trust and if you wait for 5 years after you’ve made that transfer, then it is not considered an asset anymore for Medicaid purposes.