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.
Oregon Irrevocable Diversionary Inter Vivos Medical Trust is a specialized legal instrument designed to provide individuals with a secure way to protect and manage their medical assets and healthcare decisions in the state of Oregon. This type of trust is particularly valuable for Oregon residents who want to ensure their medical needs are met in a manner consistent with their wishes, even if they become incapacitated or unable to make healthcare decisions. The Oregon Irrevocable Diversionary Inter Vivos Medical Trust operates as an irrevocable trust, meaning that once it is established, it cannot be altered or revoked without legal approval. This provides individuals with peace of mind and the knowledge that their medical wishes will be upheld even in the face of changing circumstances. This trust arrangement involves three key parties: the granter (the individual who establishes the trust), the trustee (an individual or entity responsible for managing the trust assets), and the beneficiary (the person for whom the trust is established to provide medical care and support). The granter transfers their medical assets, such as insurance policies, healthcare accounts, and medical decision-making authority, into the trust, ensuring that these assets are protected and managed according to the granter's specific instructions. The Oregon Irrevocable Diversionary Inter Vivos Medical Trust also offers important tax benefits, as any income generated by the trust assets is typically not subject to income tax. Additionally, the trust assets are generally not considered part of the granter's taxable estate, potentially reducing estate taxes. There are two main types of Oregon Irrevocable Diversionary Inter Vivos Medical Trust: 1. Medicaid Trust: This type of trust allows individuals to protect their medical assets while still qualifying for Medicaid benefits. By transferring their assets into the trust, individuals can safeguard their resources and ensure their eligibility for state-funded healthcare programs. A Medicaid trust requires careful planning and adherence to specific rules and regulations set forth by the Oregon Medicaid program. 2. General Irrevocable Diversionary Inter Vivos Medical Trust: This type of trust is more inclusive and doesn't necessarily focus on qualifying for Medicaid benefits. It serves as a comprehensive vehicle for managing all medical assets and healthcare decisions. Individuals use this trust to safeguard their healthcare wishes and ensure they receive proper medical care, whether they remain capable of making decisions or become incapacitated. In conclusion, the Oregon Irrevocable Diversionary Inter Vivos Medical Trust is a powerful legal tool that provides Oregon residents with the ability to protect their medical assets, make healthcare decisions in advance, and ensure their wishes are followed. By establishing this trust, individuals can maintain greater control over their healthcare, safeguard their assets, and potentially reduce tax liabilities.
