Medicaid Asset Protection Trust
A trust, in general terms, is nothing but a set of instructions that a Trustmaker gives to a Trustee who agrees to carry out those instructions. A trust may be revocable or irrevocable. A Medicaid Asset Protection Trust is irrevocable but irrevocability does not mean inflexible. After you create the trust you transfer your assets to the trust; such transfers are considered a “gift” for Medicaid purposes but are not considered as “completed gifts” for purposes of the estate and gift tax.
By signing the trust instrument (that is, the Trust Agreement), you create a new legal entity, or legal being. This is the Trust itself. Within it, you establish a number of rights and responsibilities for persons named in the Trust.
For a detailed explanation of What and Why, please click on the two links below:
By signing the trust instrument (that is, the Trust Agreement), you create a new legal entity, or legal being. This is the Trust itself. Within it, you establish a number of rights and responsibilities for persons named in the Trust.
For a detailed explanation of What and Why, please click on the two links below:
Plan Your Care, Care for Your Plan -- Health Proxies and More
a full-length webinar presented by Chesapeake Legal Counsel
(click here to download the accompanying handout, or here for a larger format version; click here to download a paper on Healthcare Guidelines; click here to download a Sample Power of Attorney)
a full-length webinar presented by Chesapeake Legal Counsel
(click here to download the accompanying handout, or here for a larger format version; click here to download a paper on Healthcare Guidelines; click here to download a Sample Power of Attorney)