This form may be used to establish an Irrevocable Reversionary Living Trust, with the United States as Grantor; to provide secondary payment for medical benefits to the beneficiary named in the form.
The New Hampshire Irrevocable Diversionary Inter Vivos Medical Trust is a legal entity specifically designed to assist individuals and families in managing their medical expenses, especially in the event of long-term care needs. This trust provides a means to protect assets, qualify for Medicaid assistance, and secure proper healthcare throughout an individual's lifetime. Keywords: New Hampshire, Irrevocable Diversionary Inter Vivos Medical Trust, medical expenses, long-term care, assets, Medicaid assistance, healthcare. In New Hampshire, there are two primary types of Irrevocable Diversionary Inter Vivos Medical Trusts: 1. Medically Needy Trust: This type of trust is established to provide assistance with medical expenses for individuals deemed "medically needy." It helps individuals qualify for and maintain eligibility for Medicaid benefits while preserving certain assets and income. The trust's assets are managed by a designated trustee, ensuring that they are used exclusively for the individual's medical needs. 2. Qualified Income Trust (QIT): Also known as a "Miller Trust," a Qualified Income Trust is created to assist individuals whose income surpasses the Medicaid eligibility threshold. By placing excess income into the trust, individuals can qualify for Medicaid coverage for long-term care services. The QIT enables individuals to meet the income requirements while ensuring their medical expenses are covered using Medicaid benefits. Both types of trusts require careful planning and adherence to legal guidelines to achieve the desired benefits. By understanding the intricacies of these trusts, individuals in New Hampshire can protect their assets and secure necessary medical care without depleting their resources. Remember to consult with an attorney or financial advisor specialized in trust and estate planning to determine the best course of action for setting up and managing a New Hampshire Irrevocable Diversionary Inter Vivos Medical Trust tailored to your specific needs and circumstances.The New Hampshire Irrevocable Diversionary Inter Vivos Medical Trust is a legal entity specifically designed to assist individuals and families in managing their medical expenses, especially in the event of long-term care needs. This trust provides a means to protect assets, qualify for Medicaid assistance, and secure proper healthcare throughout an individual's lifetime. Keywords: New Hampshire, Irrevocable Diversionary Inter Vivos Medical Trust, medical expenses, long-term care, assets, Medicaid assistance, healthcare. In New Hampshire, there are two primary types of Irrevocable Diversionary Inter Vivos Medical Trusts: 1. Medically Needy Trust: This type of trust is established to provide assistance with medical expenses for individuals deemed "medically needy." It helps individuals qualify for and maintain eligibility for Medicaid benefits while preserving certain assets and income. The trust's assets are managed by a designated trustee, ensuring that they are used exclusively for the individual's medical needs. 2. Qualified Income Trust (QIT): Also known as a "Miller Trust," a Qualified Income Trust is created to assist individuals whose income surpasses the Medicaid eligibility threshold. By placing excess income into the trust, individuals can qualify for Medicaid coverage for long-term care services. The QIT enables individuals to meet the income requirements while ensuring their medical expenses are covered using Medicaid benefits. Both types of trusts require careful planning and adherence to legal guidelines to achieve the desired benefits. By understanding the intricacies of these trusts, individuals in New Hampshire can protect their assets and secure necessary medical care without depleting their resources. Remember to consult with an attorney or financial advisor specialized in trust and estate planning to determine the best course of action for setting up and managing a New Hampshire Irrevocable Diversionary Inter Vivos Medical Trust tailored to your specific needs and circumstances.
