Medicaid Qualifying Trust
Irrevocable living trust (rights to make any changes are forfeited by the grantor permanently) in which the grantor forfeits control of all assets placed in the trust. However, the grantor retains the right to all income produced by the assets in the trust, and the assets can be distributed to beneficiaries at the grantor's death. The objective of this trust is to protect the assets of the grantor against depletion to pay the costs of long-term care or against dissipation by the grantor's heirs during the grantor's lifetime.
Popular Insurance Terms
Technique designed to permit the exchange of a life insurance policy that has an outstanding loan charged against it for another life insurance policy on a tax-free basis. The procedure is ...
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Incidents covered under workers compensation benefit. ...
Insurance company whose premium rates are usually below that of other insurance companies and the rating bureau. ...
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