What is the difference in a special need trust and regular irrevocable trust (not a special need trust) IN TERM OF THE FOLLOWING :
1) In a special need trust , after the death of a beneficiary, Governmental agencies (Medicaid, subsidized housing and so on) will subtract money spent by Government for the beneficiary's life from the value of his/her estate in the trust, and probably, all this trust estate will be used by the Government to cover all Governmental expenses for this person during his/her life time.
2) In the regular irrevocable trust ( NOT a special need trust), if the settler was using a subsidized apartment or /and a Medicaid while he/she has a condo placed in the irrevocable trust, what happens after his death with his estate? Will his beneficiary receive it or it will be recalculated the same way as it would be with a special need trust?
If an irrevocably trust ( not a special need) has two levels of beneficiaries, what happens with a trust estate after the death of the first level beneficiary if he/she also was using a subsidized apartment and/or Medicaid? Will it stay for the last generation of his/her beneficiaries in this trust, or it will work the same way as it would be a special need trust?
In other words, if a settler of the regular irrevocable trust lives in a subsided apartment ( or plans to get one , along with a Medicaid) what happens with his condo apartment and other estate in the trust after his death? Will it stay for his/her beneficiaries or not? Please answer this question separately : a) for just Subsidized apartment (with no Medicaid) , and
b) for both ( a subsidized apartment and Medicaid) , if your answer would be different for these two cases. Thank you very much!!! I cannot find a certain answer to this question anywhere!