Long-term care is one of the most expensive costs a person will ever face — and without the right plan, it can wipe out a lifetime of savings. In her latest radio segment, Megan Conroy breaks down the trust that protects against it.

The Cost of Care in New York State Is Higher Than You Think

The numbers are sobering:

• Home Health Aide: $4,000–$5,000/month at the minimum level of care
• Nursing Facility: Over $17,000/month on average

That’s why roughly 80% of Megan’s clients use a Medicaid Asset Protection Trust (MAPT) — a specific type of irrevocable trust — at some point in their lives.

Revocable vs. Irrevocable: Know the Difference

• A revocable trust is flexible; you can change or cancel it anytime. Still, because you control it, those assets are fair game for long-term care costs.
• An irrevocable trust is permanent by design; assets go in and stay in. Because you’ve relinquished control, no one can force you to use them to pay for care privately.

When long-term care is on the horizon, irrevocable is the word that matters.

What Facilities See When You Walk In

Nursing homes are more familiar with estate planning than most people expect. An irrevocable trust signals sophisticated planning — and that there’s an attorney involved. A revocable trust? The facility may note that those assets are available for private payment.

One critical reminder: facilities may offer to help apply for Medicaid on a resident’s behalf, but that’s not legal advice on eligibility. You should contact your attorneys instead, the team at BSF&B. 

You Don’t Have to Navigate This Alone

Long-term care planning is a team effort — attorney, financial advisor, accountant. Even if no planning has been done yet, options still exist. As Megan puts it, even in a crisis, there are strategies to protect what you’ve built.

🎧 LISTEN TO THE FULL INTERVIEW

Tune in to hear Megan’s full conversation, including:

• Why irrevocable trusts are the go-to tool for Medicaid planning.
• What nursing facilities actually look for upon admission.
• How to find a financial advisor you can trust.

Long-term care is a reality for most families. The time to plan is before you need it. Schedule a consultation with the team at Blustein, Shapiro, Frank & Barone, LLP today.