Does a revocable living trust protect my assets for Medicaid and nursing home planning purposes?

No. The general rule of thumb from the world of debtor-creditor law is whatever you have direct access to, your debtors and creditors have access to.  This means that the assets owned by the revocable living trust while you are alive are still subject to your persona liabilities including nursing home expenses.  Furthermore, any assets owned by your revocable living trust must be reported on a Medicaid application.