VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

1994 SESSION

• history | hilite | pdf | print version

LD1648813
SENATE BILL NO. 492 Offered January 25, 1994 A BILL to amend and reenact § 55-19.5 of the Code of Virginia, relating to certain inter vivos trust exemptions relating to Medicaid assets. ---------- Patron--Quayle ---------- Referred to the Committee on Education and Health ----------

Be it enacted by the General Assembly of Virginia:

1. That § 55-19.5 of the Code of Virginia is amended and reenacted as follows:

§ 55-19.5. Provision in certain trust void.

A. Except as provided in subsection B, a A provision in any inter vivos trust created for the benefit of the grantor which provides directly or indirectly for the suspension, termination or diversion of the principal, income or other beneficial interest of the grantor in the event that he should apply for medical assistance or require medical, hospital, or nursing care or long-term custodial, nursing or medical care shall be against public policy and ineffective as against the Commonwealth. The assets of the trust, both principal and interest, shall be distributed as though no such application had been made. The provisions of this subsection shall apply without regard to the irrevocability of the trust or the purpose for which the trust was created.

B. Subsection A shall not apply to any trust with a corpus of $25,000 or less. If the corpus of any such trust exceeds $25,000, $25,000 of the trust shall be exempt from the provisions of subsection A. However, if the grantor has created more than one trust as described in subsection A, the $25,000 exemption shall be prorated among the trusts. Further, if the grantor made uncompensated transfers, as defined in § 20-88.02, within thirty months of applying for Medicaid benefits and no payments were ordered pursuant to subsection D of § 20-88.02, the $25,000 exemption under this subsection shall not apply.