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The Act allowed recipients and their spouses to retain a home and certain other modest assets, to avoid their total impoverishment, while they are alive. Estate recovery collected the assets from the estate when both recipient and spouse had deceased. [9] The Act also gave states the option of recovering other Medicaid expenses. [1]
As the assets aren't considered a part of your estate, they sidestep the probate process. It also lets you continue to use assets transferred into the trust, such as property or investments you own.
Additionally, the executor must secure and manage all estate assets of the decedent during the period it takes to probate a will, which could be as little as a few months or as long as a year. 3 ...
Income, gift, estate, and generation-skipping transfer tax planning plays a significant role in choosing the structure and vehicles used to create an estate plan. In the United States, assets left to a spouse who is a U.S. citizen or any qualified charity are not subject to U.S. Federal estate tax.
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This page was last edited on 3 December 2021, at 16:09 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike License 4.0; additional terms may apply.
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