It’s never too late, as the old adage goes. However, are you a "healthy" 85 or 85 "with issues." Also, what is your financial status, and what is your purpose for the Trust? If your purpose is to shelter or gift your estate to your family, but you anticipate or are experiencing health problems, then any attempt to "gift" your estate to your family may be in vain. Medicaid provides medical assistance, as well as nursing home care, but only after the potential recipients assets have been exhausted (with some allowed exceptions). Attempts to shelter assets via Trusts, Insurance, Annuities (personal or commercial), outright gifts, incorporation, Life Estates, etc., are regulated by a "36 month" (some cases 60 month) look-back to ensure that a persons funds are being used for their care. The presumption that Medicaid makes is that any planning inside 36-months (or 60 in some cases) are deliberate attempts to avoid the financial responsibilities of our health care. Beyond this 36-month "look back" it may be regarded as what it is -- good planning. Where the dilemma lies is that, we, the many of few resources, are either financially, psychologically (or both), unwilling to relinquish control of our hard-earned assets any sooner than we may have to. To wit, we delay estate planning to the point where it either unduly costs us, or our estate, or expense and taxes. Even though it is never too late to consider your estate options, remember the sooner you contemplate and act upon such plans the greater your options may be. Many people have the mistaken belief that they are not wealthy enough to consider such planning. Invest the time, talk to a professional.
