The typical planning involves the drafting of an irrevocable trust, which is funded with your primary residence. The trust may also be funded with rental property, investment accounts, and other business interests. The trust can be drafted to provide you with income distributions during your lifetime. You are not entitled to principal distributions. The principal would not considered a "countable asset" for Medicaid purposes, and would be protected from the cost of a nursing home five years from the date of the transfer to the trust.