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 South Dakota Irrevocable Diversionary Inter Vivos Medical Trust is a legal arrangement that allows individuals to set aside funds or assets specifically for medical expenses while still alive. This trust is established in South Dakota and is considered irrevocable, meaning it cannot be modified or terminated without the consent of the beneficiaries or a court order. The primary purpose of a South Dakota Irrevocable Diversionary Inter Vivos Medical Trust is to provide financial security and peace of mind to individuals who want to ensure their healthcare needs are met in the future. By placing assets into this trust, individuals can have control over how those assets are used for their medical care even if they become incapacitated or unable to make decisions. The South Dakota Irrevocable Diversionary Inter Vivos Medical Trust is a flexible tool that can be tailored to meet individual needs and preferences. It often includes detailed instructions on how the funds should be used for medical treatment, long-term care, prescription medications, therapy, or any other healthcare-related expenses. The trust can be funded with various assets such as cash, stocks, real estate, or other investments. Different types of South Dakota Irrevocable Diversionary Inter Vivos Medical Trusts can be created based on specific circumstances or goals. These may include: 1. Basic South Dakota Irrevocable Diversionary Inter Vivos Medical Trust: This is a straightforward trust that outlines the distribution of funds solely for medical expenses. It ensures that medical needs are met without depending on other assets or sources of income. 2. Supplemental Needs South Dakota Irrevocable Diversionary Inter Vivos Medical Trust: This type of trust is designed to supplement existing public benefits such as Medicaid or Social Security. It allows individuals to preserve their eligibility for these programs while still accessing additional funds for medical needs. 3. Special Needs South Dakota Irrevocable Diversionary Inter Vivos Medical Trust: This trust is specifically created for individuals with disabilities or special needs. It aims to ensure that medical care, rehabilitation, therapies, and other necessary support are provided without jeopardizing their eligibility for government assistance programs. 4. Trust with Diversionary Clause: Some South Dakota Irrevocable Diversionary Inter Vivos Medical Trusts include a diversionary clause, which means that any remaining funds or assets in the trust after the beneficiary's death revert to the granter or other named individuals. Creating a South Dakota Irrevocable Diversionary Inter Vivos Medical Trust requires the assistance of an experienced estate planning attorney who is knowledgeable about South Dakota laws and regulations. This professional can help draft the trust document, ensure it aligns with the individual's intentions and goals, and provide guidance on funding the trust appropriately.
