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TRUSTS/MEDICAID CONSIDERATIONS

by Thomas D. Begley, Jr., CELA

There are seven Trust that should be addressed in considering Medicaid. These are: Revocable Trusts, Income Only Trusts, Children’s Trusts, Disability Annuity Trusts, Disability Annuity Special Needs Trusts, Self-Settled Special Needs Trusts, and Third Party Special Needs Trusts.

There are seven considerations in drafting trusts. These are: availability of trust assets, applicability of a Medicaid or SSI transfer penalty, Medicaid payback provisions, good and bad assets for funding trusts, tax considerations (including income, gift and estate), estate recovery, and elective share issues. This chart is designed to address each of those issues with each of those trusts at a glance.

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