Tip of the Day
If your net worth is between $200,000 and $500,000, then you should be aware of Medicaid and its requirements depending on your age and physical abilities.
Given the high cost of medical care and nursing home care, people sometimes deplete their assets more quickly than expected and end up needing Medicaid. Medicaid has unique rules for determining a person's assets. By seeking legal advice before when your net worth is between $200,000 and $500,000, you can plan how to spend your assets wisely and still retain eligibility for Medicaid.
"If assets are in a trust, then I avoid taxes."
Trust assets are still subject to Nebraska Inheritance taxes and Federal Estate taxes.