A home is often the primary asset that one wishes to preserve when engaging in long-term care planning. If you have the time to plan in advance, you can evaluate if and to whom you will transfer your homestead. If you decide to transfer, the options are transferring to an irrevocable trust and transferring to an individual or individuals. If you transfer to an “exempt” individual (a spouse, disabled child, child who has resided with you for 2 years or more prior to entering a nursing home, a sibling with equity interest who has resided with you for at least a year), there will be no penalty. If you transfer to someone other than an exempt individual or to an irrevocable trust, Medicaid will impose a period/period of ineligibility if you apply for nursing home Medicaid within 5 years of the transfer.