Medicaid Qualifying Trust
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.
Popular Insurance Terms
Average interest earned by an insurer on its investments after investment expense, but before federal income tax. ...
Part of the Balanced Budget Act of 1997 that permits medicare recipients to select coverage among various private health care plans to include HMOS, PPOS, POINT-of-SERVICE (POS), MEDICAL ...
Life insurance that pays the balance of a mortgage if the mortgagor (insured) dies. Coverage is usually in the form of decreasing term insurance, with the amount of coverage decreasing as ...
Individual who retains title to property that is being transferred on a temporary basis to the care, custody, and/or control of another. ...
Rate of return computed by dividing the current annual dividend (if a stock) or annual coupon amount (if a bond) by the amount paid for that financial instrument. ...
Utilization of life insurance to make annual gifts into a trust in order to produce the largest tax-free death benefit possible to the trust beneficiaries. ...
Death from other than accidental means. ...
Amendment to a will that adds or modifies clauses in that will, such as adding an additional beneficiary or piece of property. ...
Bureau insurer that files its statistical and underwriting experience with a rating bureau. ...
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