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!
1 Answer from Attorneys
Try consulting an estates and trusts lawyer who also specializes in elder and medicaid law.
This is not a simple area, and you're not going to find an answer by googling or posting in a forum. A lawyer who would be able to consider such a question isn't going to answer it out of context and with the limited information you provide.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.
* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.
Related Questions & Answers
Trustee empties out safe of cash and jewlery, without other trustee present. denies... Asked 8/31/11, 12:30 pm in United States New Jersey Probate, Trusts, Wills & Estates
I am Executor of my mother's will... since 2006 my siblings and I have owned her... Asked 8/30/11, 10:29 am in United States New Jersey Probate, Trusts, Wills & Estates
Uncle past away in Nov 2010 executor of will is in Afghanistan will not allow anyone... Asked 8/25/11, 7:22 am in United States New Jersey Probate, Trusts, Wills & Estates
1) What happens to the debt I leave after my death, if all my estate is placed in... Asked 8/24/11, 3:02 pm in United States New Jersey Probate, Trusts, Wills & Estates
Difficult question: I have an irrevocable trust which says that I am a grantor and... Asked 8/23/11, 12:20 pm in United States New Jersey Probate, Trusts, Wills & Estates