What is a Medicaid trust?

A Medicaid trust is a type of legal document used to protect assets for people with disabilities in the District of Columbia. It allows individuals to preserve their assets while still qualifying for Medicaid benefits. The trust must be properly established and managed in order to be eligible for Medicaid. The trust is set up with the help of an attorney and funded with assets that belong to the disabled individual. There are usually two people involved in the trust, the grantor and the trustee. The grantor is the person setting up the trust and the trustee is the person responsible for managing the trust assets. The trustee is responsible for managing the trust assets and making sure that they are used for the benefit of the disabled individual. The funds in the trust are used to pay for medical bills, cover long-term care costs, and provide supplemental income to the disabled individual. The trust can also be used to protect assets from creditors in certain circumstances. It is important to note that the trust must be properly established and managed in order for the disabled individual to qualify for Medicaid benefits. There are specific rules and regulations that must be followed in order to comply with Medicaid trust regulations. Consult an attorney or qualified financial planner to get more information about setting up a Medicaid trust in the District of Columbia.

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