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.
Wisconsin Irrevocable Diversionary Inter Vivos Medical Trust (also known as a Wisconsin Revocable Inter Vivos Medical Trust or Wisconsin Living Trust) is a legal arrangement that allows individuals in Wisconsin to protect their assets and plan for medical expenses while maintaining control over their healthcare decisions. This type of trust is created during the granter's (trust creator) lifetime and becomes irrevocable after their passing. It is designed to hold and distribute assets specifically for medical purposes, ensuring that the granter's healthcare needs are met efficiently and effectively. The Wisconsin Irrevocable Diversionary Inter Vivos Medical Trust provides numerous benefits, including asset protection, tax advantages, seamless healthcare management, and privacy. By placing their assets into the trust, the granter safeguards them from potential creditors, ensuring they are preserved for medical care. Additionally, utilizing this type of trust can minimize estate taxes and probate costs, ultimately maximizing the value of the assets for medical expenses. The granter of the trust retains control over their healthcare decisions by appointing themselves as the trustee initially. They maintain the power to manage and distribute trust assets as needed for medical care, income, or other specified purposes. In the event that the granter becomes incapacitated or unable to manage the trust, a designated successor trustee steps in to fulfill their duties diligently. Wisconsin offers various types of Irrevocable Diversionary Inter Vivos Medical Trusts to cater to specific circumstances. These may include: 1. Family Irrevocable Diversionary Inter Vivos Medical Trust: Designed to benefit multiple family members, enabling them to collectively utilize the trust assets to cover healthcare expenses. 2. Charitable Irrevocable Diversionary Inter Vivos Medical Trust: Created with the intention of donating trust assets to charitable organizations after the granter's passing. It allows individuals to support causes they care about while securing healthcare funds during their lifetime. 3. Special Needs Irrevocable Diversionary Inter Vivos Medical Trust: Specifically tailored for individuals with special needs or disabilities, this trust ensures that their medical care and other essential requirements are prioritized while still preserving eligibility for government assistance programs. In conclusion, the Wisconsin Irrevocable Diversionary Inter Vivos Medical Trust offers individuals the opportunity to proactively plan for their medical needs, protect their assets, and maintain control over healthcare decisions. Exploring the various types of trusts available can help individuals choose the most suitable option to address their unique circumstances effectively.
