How much in life savings do I need in order for it to make sense for me to set up an Irrevocable Trust?
There is no minimum amount of life savings. The Koldin Law Center has many clients who just put their house in the Trust. With the cost of Nursing Homes approaching over $12,000 per month in upstate New York, it does not take long to wipe out someone’s entire life savings. Therefore, any amount that you want to protect makes sense.
Still Have More Questions?
Contact our experienced Upstate New York elder law attorneys to schedule a free initial consultation.
Our firm focuses our practice on estate planning and Medicaid planning. We are also very experienced in handling elder law, irrevocable trust , revocable trust, basic estate planning(Will, Power of Attorney, Health Care Proxy), Medicaid law , and children with disabilities / supplemental (special) needs trust matters.
The Koldin Law Center handles the entire Medicaid application process for the client with the goal of preserving and protecting some or all of the family life savings from the costs of Nursing Home care.