Transfer of Home to an Irrevocable Trust
Placing your Home into the trust will be subject to the same sixty month look-back period for purposes of Medicaid eligibility.
Will I have to pay gift taxes?
The transfer of the residence is not a taxable gift because the transfer is deemed to be an incomplete gift; however, Federal gift [...]
Medicaid Eligibility
If you require long term custodial care in a nursing facility, your Home would be considered an available resource for purposes of Medicaid eligibility unless some exception under the law applies (see below). Hence, unless an exception applies, you would be ineligible for nursing home care under Medicaid.
A “Homestead” is the primary residence occupied [...]