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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.

84 minutes
Certificate of Completion
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Over 34 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.

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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More Program Information

Why Lorman?

Over 34 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, Maine, 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.

  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • 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.
     
  • NM CLE 1.5
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
     
  • 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.
     

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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Why Lorman?

Over 34 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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Why Lorman?

Over 34 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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