5 Medicaid Planning Trusts (46 Pages)

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Medicaid Planning: 5-Year Income Only Trust (12 Pages)
This Form is a Declaration of Trust by a Grantor seeking to qualify for Medicaid eligibility. The Trust is irrevocable. The Trust provides for the Trust income to be paid to or for the Grantor’s benefit for a period of five years. No Trust principal may be paid to the Grantor. Upon the first to occur of the Grantor’s death or the expiration of five years from the date of creation of the Trust, the Trust terminates, and all of the Trust property is paid to the Grantor’s children in accordance with a limited power of appointment (in the event of the Grantor’s death) or to the Grantor’s children per stirpes in the event of the expiration of the Trust term or the Grantor’s non-exercise of the limited power of appointment.

Medicaid Planning: Life Care Agreement (7 Pages)
This is a Form of a Life Care Agreement. It is intended to present an appropriate method of having an elderly person (Senior) pay in advance for ongoing care services to be rendered by another (Provider) on behalf of Senior. Such arrangements, if properly structured based on the Senior’s life expectancy and a proper rate of payment, should permit Senior to pay funds in the nature of an appropriate life annuity and not have the payment of such funds negatively affect the eligibility of Senior for possible Medicaid assistance.

Medicaid Planning: Miller Trust (8 Pages)

This is a Form of a “Miller Trust”, sometimes referred to as a “Qualified Income Trust”. The Trust takes its name from the case of Miller v. Ibarra, 746 F. Supp. 19 (D. Colo. 1990), and is specifically sanctioned by 42 U.S.C. § 1396p(d)(4)(B). The Trust may be used when the countable resources of a Medicaid applicant may be sufficiently low for Medicaid qualification, but the applicant’s monthly income is too high for those states that look to an income limit as a basis for Medicaid qualification. However, the available income is not enough to pay the cost of long-term care in a skilled nursing facility. This Trust is designed to address this problem by bridging the gap between the income cap for eligibility and the actual cost of nursing home care. The Miller trust is significant in those states which impose an income cap on Medicaid long-term care eligibility.

Special Needs Trust Of Disabled Person's Assets Created By A Third Person Or Entity For The Disabled Person (15 Pages)
This is a trust authorized by law (42 U.S.C. 1396p(d)(4) and funded with the assets of a disabled individual under the age of 65 who is also the trust beneficiary. The trust may not be created by the individual. It is typically created by the parents or other relative of the disabled person, or pursuant to a court order. It is often created as the result of a personal injury settlement or recovery, or after an inheritance by the disabled person.

Special Needs Trust Of A Third Person's Assets Created By That Person For A Disabled (Or Other) Person (7 Pages)
This Form is a Supplemental Needs Trust created by a third party. This means that it is the assets of the third party, not those of the beneficiary, that are being used to fund this Trust. This means that the grantor of the Trust may provide that when the Trust terminates, an alternative beneficiary may receive the balance of the remaining trust assets, if any (as opposed to the state Medicaid authorities).

: Please note: Mr. Siegel's "Medicare and Medicaid" is available on audio CD and DVD at www.NLFcle.com and online at www.NLFonline.com. On both of these web sites, select your state (or any state if you do not care about earning CLE credits) and scroll down to the course title.  "Medicare and Medicaid". 

Steven G. Siegel is president of The Siegel Group, which provides consulting services to attorneys, accountants, business owners, family offices and financial planners. Based in Morristown, New Jersey, the Group provides services throughout the United States. Mr. Siegel is the author of many books, including: The Grantor Trust Answer Book (2012 and 2013 CCH); CPA’s Guide to Financial and Estate Planning (AICPA 2012); and Federal Fiduciary Income Taxation (Foxmoor 2012). In conjunction with numerous tax planning lectures he has delivered for the National Law Foundation, Mr. Siegel has prepared extensive lecture materials on the following subjects: Planning for An Aging Population; Business Entities: Start to Finish; Preparing the Audit-Proof Federal Estate Tax Return; Business Acquisitions: Representing Buyers and Sellers in the Sale of a Business; Dynasty Trusts; Planning with Intentionally-Defective Grantor Trusts, Introduction to Estate Planning; Intermediate-Sized Estate Planning; Social Security, Medicare and Medicaid: Explanation and Planning Strategies; Subchapter S Corporations: Using Trusts as Shareholders; Divorce and Separation: Important Tax Planning Issues; The Portability Election; Generation-Skipping Transfer Tax: A Comprehensive Review; and many other titles. Mr. Siegel has delivered hundreds of lectures to thousands of attendees in live venues and via webinars throughout the United States on tax, business and estate planning topics on behalf of numerous organizations, including The Heckerling Institute on Tax Planning, CCH, National Law Foundation, AICPA, Western CPE, the National Society of Accountants, the National Tax Institute, Cohn-Reznick, Professional Education Systems, Inc., Foxmoor Education, many State Accounting Societies and Estate Planning Councils as well as on behalf of private companies. He is presently serving as an adjunct professor of law in the Graduate Tax Program (LLM) of the University of Alabama, and has served as an adjunct professor of law at Seton Hall and Rutgers University law schools. Mr. Siegel holds a bachelor’s degree from Georgetown University (magna cum laude, phi beta kappa), a juris doctor from Harvard Law School and an LLM in taxation from New York University Law School.

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