An irrevocable trust can be an effective tool for Medicaid planning. By transferring assets into an irrevocable trust, you can potentially qualify for Medicaid benefits while retaining some control over the assets. However, navigating irrevocable trusts requires expertise. An estate planning and elder care law attorney can offer you invaluable guidance.

Medicaid income limits in 2024 depend on the program and your marital status. Nursing home Medicaid applicants for single Coloradans have a limit of $2,829 per month. Married applicants have higher limits, with spousal income and monthly maintenance needs determining the limit. These limits can change annually. Colorado Department of Health Care Policy & Financing provides the latest information.

The 60-month look-back period is the five years preceding your Medicaid application. It’s a time when transferring assets to other people can put your Medicaid eligibility into question, which could result in penalties. It’s advisable to consult an estate planning and elder care law attorney when developing a strategy for navigating this complicated legal situation.