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.
A Georgia Irrevocable Diversionary Inter Vivos Medical Trust is a legal arrangement that allows individuals to plan for their medical expenses and ensure they receive necessary healthcare without compromising their assets or eligibility for government assistance programs. This type of trust is specifically designed for medical purposes and provides a range of benefits to the granter and their beneficiaries. The Georgia Irrevocable Diversionary Inter Vivos Medical Trust is established during the granter's lifetime, meaning it is inter vivos, and cannot be changed or revoked once it is properly executed. This ensures the granter's assets are protected and maintained for future use, even if their health condition changes. By creating this trust, the granter transfers ownership of their assets, such as properties, income, and investments, into the trust. These assets are then managed by a designated trustee, who makes decisions regarding healthcare expenses, medical treatments, and related services for the granter. One significant advantage of the Georgia Irrevocable Diversionary Inter Vivos Medical Trust is that it allows the granter to potentially qualify for government assistance programs, such as Medicaid. Since the assets are owned by the trust rather than the granter, they may pass the asset and income tests required for eligibility. As a result, the granter can utilize government assistance for long-term care or other medical expenses while preserving their wealth for their beneficiaries. There are several types or variations of the Georgia Irrevocable Diversionary Inter Vivos Medical Trust, including: 1. Medicaid Asset Protection Trust: This trust specifically aims to protect the granter's assets while still qualifying for Medicaid benefits. 2. Special Needs Trust: This type of trust is established to provide supplemental care and support for individuals with disabilities or special needs while preserving their eligibility for government benefits. 3. Medicare Set-Aside Trust: This trust is commonly used in personal injury settlements to set aside funds for future medical expenses that are not covered by Medicare. 4. Charitable Remainder Trust: While not solely focused on medical expenses, this variety of trust allows granters to donate assets to a charitable organization and receive regular income payments for a specific period. After the trust ends, the remaining assets go to the chosen charity. In Georgia, establishing an Irrevocable Diversionary Inter Vivos Medical Trust requires compliance with state laws and regulations. It is advisable to consult with an experienced estate planning attorney to navigate the complexities of creating this type of trust and ensure it is in line with individual needs and objectives.
