Definition Of Medicaid Qualifying Trust In Insurance

Definition of "Medicaid qualifying trust"

Louise McLean, Real Estate Agent RE/MAX Solutions

Irrevocable living trust (rights to make any changes are forfeited by the grantor permanently) in which the grantor forfeits control of all assets placed in the trust. However, the grantor retains the right to all income produced by the assets in the trust, and the assets can be distributed to beneficiaries at the grantor's death. The objective of this trust is to protect the assets of the grantor against depletion to pay the costs of long-term care or against dissipation by the grantor's heirs during the grantor's lifetime.