Medicaid Trusts are a Scam | Estate Planning TV 015

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Medicaid trusts are a scam, plain and simple.
Ask any estate planning attorney worth their salt and they will tell you these truths about medicaid trusts:
1. There is a look back period of 5 years. Until that 5 years is up, your assets are not safe.
2. You will have to give up COMPLETE control over your assets. If there is an emergency and you need your assets you will not be able to access them.
3. You will have to name someone else as the trustee over your property.
4. If you do even one thing out of line with Medicaid rules ALL of your assets could be subject to seizure for your long-term care.
5. There are other ways to pay for long-term care that are significantly more effective and above board (namely long-term care insurance and/or a life insurance policy with a long-term care rider).
If you are considering a medicaid trust and want more information on the trust or the alternatives click here and schedule a strategy session.
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Christopher Small wants to help you live a rich life now and leave a rich legacy.
Estate Planning TV is all about one thing - getting you to realize how important estate planning is to you while you are alive, and the power estate planning can have in shaping your legacy.
You'll find information here on estate planning, financial planning, productivity, finance, self-improvement, family protection, tax avoidance, retirement planning, estate taxes, charitable giving, investing, life insurance, asset protection, and much much more!
Christopher is the owner of CMS Law Firm LLC, a Seattle estate planning law firm. CMS Law Firm does three things really well: (1) estate planning; (2) probate; and (3) trust administration.
Christopher is a speaker, a blogger, a husband, a father, a golfer, and really good at helping people create the life of their dreams.
Find Christopher here:
Website: cmslawfirm.com/...
Facebook: / cmslawfirm
Twitter: / richlifelawyer
Instagram: / richlifelawyer

Опубликовано:

16 сен 2024

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Комментарии : 82

@icie4u 3 года назад

Large majority of people are now in their 80’s needing long term care who aren’t pulling six figures a year and never could afford life insurance with a long term care rider.

@CMSLawFirmLLC 3 года назад

You may be right. My thoughts are not all or nothing. Just my thoughts.

@dennykeaton9701 2 года назад

Fair point

@MadOldMan-ck5wq 6 месяцев назад

Exactly you have just past 99% of the legal profession in Pragmatism we have not heard one long term success story on this incompetent plan. Please distinguish yourself among your peers advancing millions of fiduciaries careers earning 850% more than planners adding the 95% of the work to provide protection for us should we become vulnerable to estate plan thieves with a Traditional Law Model Fiduciary Security Allied Legal professional team to protect us when we are vulnerable. Starting with 5 to 10 commission Paid Fiduciary Security Notaries earning $500.00 each installing New Law Model Arbiter triple registration Goldberg Whoopi Bird Grantor Trust Permission Ledger Crime Interdiction Administrations in April. With the NICER 837PC STP Police and Sheriffs dispatching Tahoe Trust Enforcers to warn trace detect respond to and restrain permission ledger exposed, forgers, counterfeiters and embezzling quit claim Jumping equity elder abusing Trust Thieves.

@MadOldMan-ck5wq 6 месяцев назад

We take care of our parents at home and pay a sibling who puts their life on hold 5 to 10 thousand a month to maintain two households with the whole family giving the caregivers respect and breaks so they can maintain their health too.

@elderneedslaw 5 лет назад

Hi Chris - I'd love to speak with you and explain why Irrevocable Trust planning absolutely has value in a long-term planning and estate-planning context. Its certainly not for everyone and, as with any type of planning, its situation specific..... but to say, without qualification, that five-year irrevocable trust planning "doesn't work" or is "never a good idea" and even saying that using such trusts is fraudulent, is simply incorrect. A good medicaid-planning attorney is able to legally and ethically protect someone's assets. Also your alternative solution (buying long-term care insurance) is literally impossible for many Americans.

@CMSLawFirmLLC 4 года назад

Why don't you just make a video on it and paste the URL here - happy to have more information for everyone!

@SandfordSmythe 3 года назад

Costly lawyers finding legal loop whole for the affluent to shift their responsibilities to the welfare system. And does anyone "ethically" explain this to mom and the effects this will have in her accessing quality care?

@MarkShark07 3 года назад

@@CMSLawFirmLLC this was a pretty weak response, especially considering how many of their existing videos, before and especially after this reply, directly address their summarized comment.

@CMSLawFirmLLC 3 года назад

@@MarkShark07 okay. Thanks for the feedback!

@dennykeaton9701 2 года назад

@@CMSLawFirmLLC Are you actually a real lawyer? You seem to take an opposite approach to other lawyers. Is your opinion based on your political views?

@MadOldMan-ck5wq 7 месяцев назад

Finally a voice of reason! Your retired grandparents your older clients take care of parents at home getting a long term care insurance policy and paying siblings who put their lives on hold to maintain both households.

@jonlee6114 3 месяца назад

Since Medicaid Asset Protection Trusts are perfectly legal, could you clarify why you label them a scam? Also, how is a life insurance policy with a long-term care rider cheaper when $1 million policies can cost around $10,000 annually over decades? Please explain.

@CMSLawFirmLLC 2 месяца назад

I think I did a good job of explaining it in the video - which is over 6 years old at this point - but I don't remember specifically what I've said. I've since made other videos on medicaid trusts - I'd encourage you to check those out. Thanks for the thoughts - appreciate you.

@jonlee6114 2 месяца назад

@@CMSLawFirmLLC Since you forgot why you called it a “scam”, I’ll refresh your memory: 1. **Assets Out of Your Name**: Yes, you need to transfer assets into the trust, which means relinquishing direct control. This step is crucial for protecting these assets and qualifying for Medicaid. With proper planning, the risks can be managed effectively. 2. **Usage Restrictions**: The trust has specific rules on how assets can be used, but these rules ensure compliance with Medicaid. Proper legal advice can help navigate these restrictions without much hassle. 3. **Five-Year Look-Back Period**: The five-year look-back period is standard to prevent last-minute asset transfers. It encourages early planning, which is not fraud when done correctly. It’s about being proactive and compliant with Medicaid rules. 4. **Cost and Complexity**: While setting up a Medicaid trust can be expensive (around $10,000), dismissing it as a scam ignores its substantial benefits. These trusts can protect significant assets from being spent on long-term care. 5. **Your Alternative Recommendations**: Long-term care insurance and life insurance with a long-term care rider are viable alternatives but come with high costs, especially for those over 70. These policies often end up being more expensive than setting up a Medicaid trust. Medicaid trusts require careful planning and come with some costs, but they are a legitimate and effective tool for asset protection. Your alternatives, though valid, can be prohibitively expensive for older individuals. The flaw in dismissing Medicaid trusts outright is that it oversimplifies their benefits and the strategic planning they require.

@chadlehman8933 2 года назад

"I'm not a knee surgeon, but this particular knee surgery (which admittedly I have no expertise in) is practically always a scam. But if you decide to have this surgery, make sure the surgeon REALLY knows what he's doing. Better yet, rewind the clock 15 years and lose that extra 50 pounds." Okay....

@CMSLawFirmLLC 2 года назад

lmaaooooo.... i love it.

@ricfax 5 лет назад

Declaring something practiced by many of his colleagues to be a scam, while also admitting he doesn't practice in that area of law seems odd. Ah. Then, there's what sounds like a solicitation to discuss various forms of insurance. Here are a few facts: 1) Not everyone can qualify medically to purchase the insurance alternatives, though the life policies with enhanced LTC -- long-term care -- riders may be easier to qualify for than straight LTC policies. 2) Not everyone can afford the premiums for LTC coverage, though they may still have assets they wish to protect. 3) Life policies with LTC riders tend to be easier for purchasers to qualify for medically because the policyholder's money is what is paying for care long before the insurer suffers any loss. And fees within policies should be fully understood. Bottom line is that neither legal planning by competent counsel nor insurance approaches are in themselves good or bad. They are simply tools for addressing what is arguably the greatest financial risk to anyone over age sixty. Some plans involve a combination of both. To make blanket statements that either approach is wrong, or a scam, is troubling. To make blanket negative statements about a legitimate area of planning where one admittedly doesn't even practice seems ludicrous.

@CMSLawFirmLLC 4 года назад

Great points, all of them. I didn't make a blanket statement - I said go talk to someone, but be wary. That's all. Cheers.

@mcsvision 4 года назад

Obviously this guy is only looking at a Medicaid Asset Protection Trust and does not understand and quite clearly has not spent any time looking at the strategies. While it is true that you should not get it from an attorney that does not know all of the caveats, such as this lawyer, they can be used to preserve a person's assets to their heirs rather than going to pay for ongoing nursing and hospital bills. An average nursing home is around $7000 to $10K a month, plus medical expenses. You have to look at things logically and calculate to see if this is your best option and someone who practices in this area and who is trained in it can help you to make an 'informed' decision. To say it is a scam is just irresponsible and self serving for this attorney.

@CMSLawFirmLLC 4 года назад

I agree 100% and that's exactly what I say in the video. I encourage people to talk to someone with expertise in the area. These are just my thoughts. Cheers.

@campaltd1092 Год назад

Your comments are ridiculous. using a Medicaid trusts are in no way fraudulent, unlawful nor nefarious. You’re concerned about people spending money on a competent attorney to set up a proper trust while simultaneously selling LT care insurance where they’ll spends tens of thousands of dollars over decades. That’s rich, you must me an agent. Bad advice.

@CMSLawFirmLLC 2 месяца назад

I don't sell insurance. It was just one perspective on the matter. Cheers. :)

@tackyvt7915 6 лет назад

1:50 - he said doesn't do elder law; so he is an expert on this how? Be sure to get a 2nd opinion from an estate attorney "worth their salt", as he suggests.

@ChristopherSmall1 6 лет назад

You are correct, I'm not an elder law expert (which I think I point out in the video). I would DEFINITELY get a second opinion. The point of this video is to simply point out that you want to be VERY cautious when creating a medicaid trust to ensure it can work, and if it can, that's done correctly.

@davidjacobs2871 5 лет назад

This guy does not look like he is hurting in the least. I don't trust him.

@CMSLawFirmLLC 4 года назад

Thanks for your feedback.

@insurancefoundations 2 года назад

Chris, I am a life insurance agent focusing on high cash value life insurance and retirement planning. I’ve recently been researching LTC and Medicaid/Medicare planning. I agree with your conclusions on Medicaid trusts. Given the research I’ve done, (talking to elder care lawyers) any reasonable Medicaid lookback should come to the same conclusion. It looks like the best solutions I can see are a LTC policy (started when younger than 60 fyi; the younger the better for cost) or the best option a life policy with a LTC rider. There are other things that people can do (Medicaid annuities, spousal gift etc.) but only if they have limited resources (less than 150k in some states 75k: approx). Thanks for talking about this. Keep up the good work.

@CMSLawFirmLLC 2 года назад

Thanks for the feedback! Appreciate it!

@tomasgonzalez4819 Год назад

"l agree with you conclusions on Medicaid trusts ... Looks like the best solutions I can see are a LTC policy", said the insurance agent who would gladly sell the best option and derides any alternative that steers a potential sale out of his office.

@datgirlsaintsational831 5 месяцев назад

🥰Thank you!

@CMSLawFirmLLC 5 месяцев назад

You're welcome!

@dianebarron8362 2 года назад

how much is long term care insc. ?

@CMSLawFirmLLC 2 года назад

It depends on many different factors. I'd consult a financial planner or long term care specialist to get some concrete numbers.

@sftimecap 3 года назад

This guy is clueless. Fact is that if you put your house into an irrevocable trust, 4 years goes by in the 5 yr "lookback period", then your estate/house when you die will only be "iiened against your house for 1 year worth of $money Medicaid spent to supplement your nursing home costs". After the 5yr period expires, you might be in the nursery home for another 10 years, BUT you (or your house/heirs after you die) will only get liened for that 1 year that you spent in nursing home before the "look back" waiting period expired.l

@CMSLawFirmLLC 3 года назад

Thanks for your thoughts. Whatever you'd decide to do I'd encourage you to talk to an expert in the field (which I, admittedly, am not).

@MadOldMan-ck5wq 6 месяцев назад

You are clueless we have been waiting since 1992 to hear a success story for this incompetent plan if you have a success story clue us in please.

@mirabelleusa Год назад

Can you have one trust for properties in 2 different states

@CMSLawFirmLLC 2 месяца назад

Yes.

@jerrysamuels8716 5 лет назад

What does "good" and "evil" have to do with estate planning?

@CMSLawFirmLLC 4 года назад

Depends, I guess.

@SandfordSmythe 3 года назад

@@CMSLawFirmLLC Is it for mom's benefit or the heirs.

@elizabeththomas6323 Год назад

I guess if a person is doing things to cheat the system, government programs, there is less money available for people who Really need it. I understand that.

@MadOldMan-ck5wq 6 месяцев назад

Inheritance hijackers are crawling out of the woodwork to steal our homes with the estate plan taking the Authorities 33 years to Reform the Traditional Law model to interdict quit claim jumping equity elder abusing inheritance hijacker’s with the NICER Police and Sheriffs dispatching millions of Fiduciary Security Notaries to arrest Document Inheritance and legacy wealth transfer thieves. To fight people who change our documents to steal your home when your vulnerable and kick you to living on the street with us old people trust thieves put on the street. Is that even enough for you?

@lms5951 2 года назад

Do you work with people in other states such as New York State? Also what are your views on setting up a life estate versus a Medicare Asset Protection Trust for newly retired people who have working class to low middle class income and assets?

@CMSLawFirmLLC 2 года назад

I do not. In NY I'd reach out to Valerie Zametti or Willian Deveneau. They're ballers.

@JohnSmith-rv6nf 3 года назад

There’s not a one size fits all. Not everyone can afford the insurance. Your explanation is too extreme. You would be better off explaining the advantages and disadvantages rather than calling it a fraud. You’re arrogant.

@CMSLawFirmLLC 3 года назад

Appreciate your thoughts. Cheers.

@MadOldMan-ck5wq 6 месяцев назад

NICER Ruled it is a fraud hurting families rather than helping them guess who invented this incompetent Medicare scam?

@jonlee6114 3 месяца назад

What a truly horrible disservice you’re doing here, spreading misinformation and talking your own book.

@CMSLawFirmLLC 2 месяца назад

I didn't mention a book I don't think. I don't have a book... that's why I'm sure I didn't mention a book. Cheers.

@jonlee6114 2 месяца назад

@@CMSLawFirmLLC “Talking your own book” is a well-known phrase 🙄 that means giving biased opinions to sell your own product/service.

@robertm.goldbergassociates723 4 года назад

If you "don't do elder law" you shouldn't be giving advice. Go read HCFA 64 and educate yourself.

@thunderthumbz3293 3 года назад

Elder law is basically welfare law and a practice based primarily on how to suck as much money from the federal government as possible for long term care. The clients are people who are not financially responsible or do not have a moral dilemma about obtaining benefits they don't deserve. Get rid of medicaid and the practice area would dry up.

@CMSLawFirmLLC 3 года назад

Good advice. Or, I can just leave it up the pros (which I do).

@MadOldMan-ck5wq 6 месяцев назад

It’s called pragmatism not education in an incompetent ABA school for incompetence that sound a lot like you.