Elder Docx™ is a powerful document drafting system. Within the system, you can draft many legal documents related to elder law, Veterans benefits law, and special needs law – a Standalone Will, Revocable Living Trust, Medicaid Asset Protection Trust, Veterans Asset Protection Trust, First-Party Special Needs Trust, Third-Party Supplemental Needs Trust, and so much more.

Within these documents, you have the option to include a Trust Protector. Who can serve in this role, what does that person do, and why would you want to include a Trust Protector? Let’s dive in.

From an Internal Revenue Service (IRS) Chief Counsel Advice affecting GRATs to decisions regarding the deduction of business losses, we have recently seen significant developments in estate planning and business law. To ensure that you stay abreast of these legal changes, we have highlighted some noteworthy developments and analyzed how they may impact your estate planning and business law practice.

The Deficit Reduction Act of 2005 (DRA) did many things. It implemented new whistleblower protections, changed the annuity rules, allowed states to vary premiums and cost-sharing for Medicaid benefits, and instituted the “Money Follows the Person” rule. But the heavy hitters of the DRA were the modifications of the look-back period and the penalty period rules.

The look-back period is the time in which a Medicaid agency can scrutinize asset transfers. Certain transfers during this time may incur a penalty period where the applicant isn’t eligible for benefits. The DRA lengthened the look-back period to 60 months. Importantly, it also changed the rule that stated the penalty period began in the month the assets were transferred. After the DRA, the penalty period doesn’t begin until a Medicaid application is filed and the applicant is otherwise eligible for benefits.