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1994 SESSION

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SB 492 Inter vivos trusts; Medicaid.

Introduced by: Frederick M. Quayle | all patrons    ...    notes | add to my profiles

SUMMARY:

Inter vivos trusts; Medicaid. Removes the exemption for certain inter vivos trusts created on or after August 11, 1993, in Medicaid asset computation. As to any trust created between August 11, 1993, and July 1, 1994, which would otherwise be entitled to the exemption, the grantor will be permitted to revoke the trust notwithstanding any irrevocability in the terms of such trust. However, in no event may the grantor affect the vested rights of a beneficiary without that beneficiary's written consent. The Code currently exempts inter vivos trusts with a corpus of $25,000 or less from consideration in determination of trust grantor's assets for purpose of computing Medicaid eligibility. New federal law recognizes no such exemptions. Thus, in order for Virginia to continue to receive federal matching funds for medical assistance, this exemption is removed. This bill is recommended by the Secretary of Health and Human Resources.


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