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Drafting an Irrevocable Trust to Protect VA and Medicaid Benefits

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.

Runtime: 84 minutes
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Agenda

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
    • Steppedup 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
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on December 5, 2019.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.4
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.4 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CO CLE 2.0
     
  • Lorman Education Services is a Certified Provider, as recognized by the Colorado Supreme Court Continuing Legal and Judicial Education Committee. This program is approved for 2.0 credit hours.
     
  • CT CLE 1.0
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
     
  • HI CLE 1.25
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.25 CLE credit hours.
     
  • IL CLE 1.25
     
  • This course was approved for a total of 1.25 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.0
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.0 hours of CLE credit under M. Bar R. 12.
     
  • MN CLE 1.25
     
  • This program has been approved by the Minnesota Board of Continuing Legal Education for 1.25 hours of credit.
     
  • MO CLE 1.8
     
  • This course qualifies for self-study CLE credit in Missouri.
     
  • MT CLE 1.5
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.5 CLE credits.
     
  • ND CLE 1.5
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 84 Minutes.
     
  • NM CLE 1.5
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • UT CLE 1.5
     
  • This program has been approved by the Utah State Board of Continuing Legal Education for 1.5 CLE hours.
     
  • VA CLE 1.5
     
  • This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.5 CLE credit hours.
     
  • VT CLE 1.5
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 6 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

Virginia MCLE requirements do not allow approval for programs that do not include an audio or audiovisual component.

This program was previously offered as a live webinar. Virginia MCLE requirements do not allow approval for attendance at duplicate programs.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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  • AK CLE 1.5
     
  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NM CLE 1.5
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • UT CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Nikki Mitchell

Nikki Mitchell

Martha C. Brown & Associates, LLC

  • Attorney with Martha C. Brown & Associates, LLC
  • Practice emphasizes all aspects of elder law, including estate planning, long-term care planning, medicaid planning, asset protection, medicare, incapacitation issues, end-of-life decision making, guardianship and conservatorship estates, probate, special needs planning and special needs trust, and veteran’s benefits
  • Member, Missouri Bar; Maryland Bar; National Association of Elder Law Attorneys (NAELA); Missouri Chapter of NAELA Public Policy Committee; Member, Missouri Bar Elder Law Committee and Bar Association of Metropolitan St. Louis
  • VA accredited attorney
  • J.D. degree, University of Maryland School of Law; B.A. degree, University of Texas, Arlington
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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 406749
Published 2019
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