Landmark Decision Regarding Irrevocable Trusts in Minnesota

By Jill Roamer, JD, CIPP/US on Jul 15, 2021 10:35:00 AM

Landmark-Decision-Regarding-Irrevocable-Trusts-in-Minnesota

In a Minnesota appeals court decision, the court ruled that a Medicaid recipient’s irrevocable trust was not a countable asset and that Minnesota law on the matter is preempted by federal law. The decision turned long standing case law on its head, and gave the green light that an irrevocable trust can indeed be a non-countable asset for Medicaid eligibility purposes in Minnesota.

In this case, Geyen was the Grantor of two irrevocable trusts, which were identical except for their names. Her children were Trustees; her children and grandchildren were beneficiaries. Both trusts indicated their irrevocability and gave the Trustees “full power and authority to control” trust property. The trusts forbade the Trustees from loaning or gifting any assets to Geyen.

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Current Developments in Estate Planning and Business Law: July 2021

By WealthCounsel Staff on Jul 9, 2021 10:00:00 AM

monthly-recap (1)

From new state statutes designed to attract wealthy residents to the validity of employer vaccine mandates, 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 a few noteworthy developments and analyzed how they may impact your estate planning and business law practice.

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Current Developments in Estate Planning and Business Law: June 2021

By WealthCounsel Staff on Jun 11, 2021 10:00:00 AM

monthly-recap (1)

From the Department of the Treasury’s issuance of a new “green book” to the Biden administration’s withdrawal of a proposed Trump-era independent contractor rule, 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 a few noteworthy developments and analyzed how they may impact your estate planning and business law practice.

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