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May 1, 2010 12:00 PM
The Medicaid Trust
Help your client pay for costly long-term care without losing significant personal assets
The cost of long-term health care continues to spiral and insurance companies continue to cover fewer and fewer long-term needs. As a result, it's important for advisors to help their older clients plan for long-term care while protecting their clients' assets. That's where a Medicaid trust comes into play as an effective asset protection strategy: It allows your client to use Medicaid assistance to cover the costs of long-term care, without the loss of significant personal assets.
Before you create a Medicaid trust, however, you should consider having your client retain a power to control the ultimate destiny of the trust property when he dies. That control will prevent any taxable gift from being made when the trust is created. Your client's retained power to control his trust's destiny also will ensure that the trust property will be eligible for carryover basis adjustments if your client dies in 2010.
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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