Drafting an Irrevocable Trust to Protect VA and Medicaid Benefits (OnDemand Webinar)

$199.00

SKU: 406749EAU

Description

Learn how to draft an irrevocable trust to ensure your clients VA and Medicaid benefits are protected.The average cost of longterm care in the United States ranges from 3,628 per month in assisted living to 7,698 per month for skilled nursing (U.S. Department of Health and Human Services, LongTermCare.gov). Approximately seventy percent of someone aged 65 will need longterm care at some point in their remaining years. Many attorneys are asked by clients how they can protect their assets against longterm care expenses. While they may offer an irrevocable trust as a solution, many practitioners are not wellversed in the plethora of rules and regulations for VA and Medicaid benefits and thus do not recognize the elements this trust should contain nor do they understand how creating this trust will affect VA andor Medicaid benefits. This topic will help practitioners understand and explain the elements of a properly drafted irrevocable trust created for the purpose of qualifying for VA andor Medicaid benefits. It will also explain the VA and Medicaid rules and regulations and how they overlap with an irrevocable trust in this context so that practitioners can recognize when this kind of trust might be appropriate.

Date: 2019-12-05 Start Time: End Time:

Learning Objectives

Eligibility Requirements of Medicaid and VA Benefits
• Medicaid
• Medical
• Medicaid Bed
• Financial
• VA
• Assistance of 3rd Party to Complete Activities of Daily Living
• Net Worth
• Income for Veterans Affairs Purposes (IVAP)

Elements of an Irrevocable Trust in This Context
• Irrevocable
• Grantor Trust
• Tax Implications
• Stepped-up Basis
• Trustee Powers
• Beneficiary(ies)
• Interested Beneficiary
• Miscellaneous Considerations
• Occupancy Agreement for House
• Pro Rata Shares
• Advances Counted Against Beneficiary
• Assets That Cannot Be Transferred/Retitled

How This Relates to Medicaid and Va Benefits
• Planning Techniques
• Irrevocable Trust as Transfer Subject to Penalty
• Timeline for Best Results
• Disclosing the Trust to VA and Medicaid
• When You Are Required
• Explanation for Caseworker
• Working With Financial Institutions and Financial Advisors
• Properly Titling Assets
• Correct 1099’s
• Tax Returns • 1040 vs 1041

No Credit Available

T. Nikki Mitchell-Mitchell, Brown & Associates, LLC