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But an individual with a little too much income will only qualify for Medicaid if he or she first does a Medicaid spend-down. ... set up an irrevocable trust. It took three years, but she finally ...
A trust is a legal entity many people create as part of an estate plan.The trust acts as a container for assets transferred into it by the grantor.A trustee is appointed to manage the assets in ...
Still, with proper planning, there are ways to shelter assets from Medicaid spend-down rules. Special trusts, home equity transfers and annuities can help protect savings and property.
Supplemental needs trust is a US-specific term for a type of special needs trust (an internationally recognized term). [1] Supplemental needs trusts are compliant with provisions of US state and federal law and are designed to provide benefits to, and protect the assets of, individuals with physical, psychiatric, or intellectual disabilities, and still allow such persons to be qualified for ...
Most approaches to retirement spend-down can be likened to individual asset/liability modeling. Regardless of the strategy employed, they seek to ensure that individuals' assets available for retirement are sufficient to fund their post-retirement liabilities and expenses.
In these cases, an irrevocable trust like a Medicaid asset protection trust (MAPT) can protect a home from Medicaid, provided its transferred to the trust beyond the range of the five-year look ...
On December 16, 2003, President George W. Bush signed into law the American Dream Downpayment Initiative (Pub. L. 108–186 (text)), which was aimed at helping approximately "40,000 families a year" with their down payment and closing costs, and further strengthen America’s housing market.
As we age, many of us will need some form of long-term care, whether at home or in a facility. With nursing home costs averaging over $90,000 per year, long-term care expenses can add up quickly.