Learn how to draft an irrevocable trust to ensure your clients VA and Medicaid benefits are protected.
The average cost of long-term 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 long-term care at some point in their remaining years. Many attorneys are asked by clients how they can protect their assets against long-term care expenses. While they may offer an irrevocable trust as a solution, many practitioners are not well-versed 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 and/or 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 and/or 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.
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