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In the research I have done on protecting assets from Medicaid, I found two that seem simple enough to understand. One is a trust and one is an annuity.

The trust is an irrevocable trust (vs "plain jane" trust). The problem is that you have to give up control of the assets inside the trust. I guess this is fine if you trust your trustees to manage it for your benefit. And, there is still a 5 year look back should you need Medicaid within 5 years of setting up this kind of trust.

The "Medicaid annuity" - also sometimes called a period certain annuity - is probably the way I will go if my spouse precedes me to the nursing home. Once assets are placed inside this annuity, Medicaid does not count them for the purpose of eligibility. The annuity is set up with certain period in mind and the income spins off to the spouse not in the nursing home. The income is not the nursing home person, so Medicaid does not count it. As of a year ago, these did not have a 5 year look back and can be set up even after the person moves into a nursing home - of course the person's assets will be used for several months until a new eligibility review is completed.

Just a couple of thoughts on how to protect assets...

FWIW - we quit life insurance in our 30s (now 66). Made no sense to me.
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