No. This is a very common misconception. There are several reasons to have a revocable trust. However, asset protection planning and nursing home protection are not reasons to have a revocable trust. Under federal Medicaid law and under most states laws, your revocable trust is considered your asset and must be "spent down" before you qualify for long term care in a nursing home. Also, because your revocable trust is your asset, it can also be reached by your creditors if you get sued.
If you want to learn more about asset protection in Missouri, download a free copy of our report, 10 Questions You Should Ask About Protecting Your Assets in Missouri.
