How much does a revocable living trust cost in Florida?

A complete trust-based plan — the trust itself, a pour-over will, durable power of attorney, and health care directives — typically runs more than a simple will because there's more drafting involved and assets need to be formally retitled. Most families find that cost is offset by what a $500,000+ estate would otherwise pay in probate fees and delays.

Does a revocable trust protect my assets from creditors or lawsuits?

No. Because you keep full control over a revocable trust during your lifetime — you can amend it, revoke it, or take assets back out — the law treats those assets as still belonging to you. Creditors and judgment holders can generally still reach them. Asset protection requires different planning tools.

What happens if I never fund my trust?

An unfunded trust avoids nothing. If real estate, bank accounts, and investment accounts are never retitled into the trust's name, those assets are still individually owned by you when you die — which means they still have to go through probate, trust or no trust. Funding is not an optional last step; it's what makes the trust work.

Can I be the trustee of my own revocable trust?

Yes. Most people name themselves as the initial trustee, which means day-to-day life doesn't change — you keep managing your own accounts and property. You also name a successor trustee who steps in automatically if you become incapacitated or when you die, without a court proceeding.

How long does it take to set up and fund a trust in Florida?

Drafting the trust documents themselves is usually the fast part. Funding — deeding real estate into the trust, retitling bank and investment accounts, updating beneficiary designations where appropriate — takes longer and is easy to leave half-finished, which is why it's worth confirming every asset has actually been moved before considering the plan complete.

Elder Law Guide

Florida Medicaid Planning & Asset Protection Trusts

Long-term care is expensive, and Medicaid rules weren't written to make protecting your savings easy. With enough lead time, a properly built plan can help.

Why Medicaid Planning Is Different from Ordinary Estate Planning

Florida's Medicaid program covers a large share of long-term nursing home care, but only for applicants who fall under strict income and asset limits. Most families have too much saved to qualify outright and not enough to self-pay for care indefinitely — nursing home costs in Florida commonly run well into six figures a year. Medicaid planning is the legal work of legitimately restructuring assets so a spouse or parent can qualify for benefits without losing the family's life savings in the process.

The Five-Year Lookback

Under federal law, Medicaid looks back five years from the date of application at any transfers or gifts the applicant made. If assets were given away or moved into certain trusts during that window purely to qualify, Medicaid can impose a penalty period during which benefits are denied. This is the single biggest reason Medicaid planning works best when it starts years before care is actually needed — waiting until a crisis forces the issue takes the best tools off the table.

Medicaid Asset Protection Trusts

An irrevocable Medicaid asset protection trust is the most common long-lead-time tool. Assets transferred into the trust are generally no longer counted as the applicant's for Medicaid purposes once the five-year lookback has passed, while the trust can still be structured to provide income or preserve the home for a spouse or family. Because the trust is irrevocable, it isn't something to do casually — it has to be drafted with real care about what you're giving up control over and what you're keeping.

Crisis Planning: What's Still Possible Late

Even inside the five-year window, there are legitimate strategies — spending down countable assets on exempt purchases (home repairs, a vehicle, prepaid funeral arrangements), certain spousal transfers, and annuity or promissory note structures that comply with Medicaid's rules rather than fight them. These require more precision than long-lead-time planning, and mistakes here are expensive, but a family facing a sudden nursing home placement usually still has real options.

What Counts, and What Doesn't

Medicaid draws a line between "countable" and "exempt" assets. A primary residence (up to a home equity cap), one vehicle, personal belongings, and a small amount of cash and burial funds are typically exempt. Bank accounts, investments, and additional real estate are typically countable and have to be addressed in the plan. The exact figures change periodically, so any plan should be built around current limits, not last year's.

Working with an Elder Law Attorney

Medicaid planning sits at the intersection of federal benefits law, trust drafting, and real family dynamics — a plan that looks good on paper can still fail if it doesn't account for how a spouse actually needs to live day to day. An elder law attorney can tell you honestly whether you're in long-lead-time territory or crisis territory, and build the plan to match.

Common Questions

Medicaid Planning FAQ

Will I lose my house if I apply for Medicaid?

Not automatically. A primary residence is generally exempt up to a home equity cap while the applicant or a spouse lives there, though Medicaid can seek reimbursement from the estate after death through estate recovery — which is exactly what proper planning can help address.

Is it too late to plan if my parent needs care now?

It's rarely too late to do something — crisis planning strategies exist specifically for this situation — but the options are more limited and technical than they would have been with more lead time.

Can I just give my assets to my kids instead?

You can, but an outright gift starts the five-year lookback clock the same way a trust does, without the added protections a properly drafted trust provides — and it puts the asset legally in your child's hands, exposed to their creditors or divorce.

Does my spouse have to become impoverished too?

No. Federal "spousal impoverishment" protections let a healthy spouse keep a portion of the couple's income and assets even while the other spouse qualifies for Medicaid — this is one of the more misunderstood parts of the process.

Start the Conversation Early

The five-year lookback rewards planning ahead. Let's talk through where things stand and what's realistic for your timeline.

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