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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
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.
FULL TEXT
- 01/25/94 Senate: Presented and ordered printed pdf
- 03/04/94 House: Committee substitute printed LD5571726 (SB492H1) pdf
- 03/25/94 Senate: Bill text as passed Senate and House (SB492ER) pdf
- 04/18/94 Governor: Acts of Assembly Chapter text (CHAP0692) pdf
HISTORY
- 01/25/94 Senate: Presented and ordered printed
- 01/25/94 Senate: Referred to Committee on Education and Health
- 02/03/94 Senate: Reported from Education and Health (11-Y 0-N)
- 02/04/94 Senate: Constitutional reading dispensed (37-Y 0-N)
- 02/04/94 Senate: VOTE: CONST. READING DISPENSED (37-Y 0-N)
- 02/07/94 Senate: Read second time and engrossed
- 02/07/94 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/07/94 Senate: VOTE: CONST. READING DISPENSED (38-Y 0-N)
- 02/07/94 Senate: Passed Senate (38-Y 0-N)
- 02/07/94 Senate: VOTE: PASSAGE (38-Y 0-N)
- 02/07/94 Senate: Communicated to House
- 02/08/94 House: Placed on Calendar
- 02/09/94 House: Read first time
- 02/09/94 House: Referred to Committee for Courts of Justice
- 03/04/94 House: Committee substitute printed LD5571726 (SB492H1)
- 03/04/94 House: Reported from C. J. with substitute (22-Y 0-N)
- 03/07/94 House: Read second time
- 03/08/94 House: Read third time
- 03/08/94 House: Committee substitute agreed to
- 03/08/94 House: Engrossed by House - committee substitute
- 03/08/94 House: Passed House with substitute (Block Vote) (99-Y 0-N)
- 03/08/94 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 03/10/94 Senate: Reading of substitute waived
- 03/10/94 Senate: House substitute agreed to by Senate (40-Y 0-N)
- 03/10/94 Senate: VOTE: CONCUR HOUSE AMENDMENT (40-Y 0-N)
- 03/25/94 Senate: Bill text as passed Senate and House (SB492ER)
- 04/01/94 House: Enrolled
- 04/01/94 House: Signed by Speaker
- 04/02/94 Senate: Signed by President
- 04/10/94 Governor: Approved by Governor-Chapter 692 (effective 7/1/94)
- 04/18/94 Governor: Acts of Assembly Chapter text (CHAP0692)