Drafting Irrevocable Income-Only Trusts

This paper focuses on the use of the IIOT for future Medicaid qualification. Due to this limited scope, it does not address the use of the IIOT for general asset protection or eligibility for other government benefits, such as Veterans Affairs benefits. Additionally, the discussion of this trust in relation to Medicaid eligibility is based on federal rules rather than the interpretation or administration of these rules by individual state agencies. However, based on applicable case history, there is no reason why the IIOT should not be a viable planning option in every state.

 

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John K. Ross IV
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John K. Ross helps clients in Texas and Arkansas with all matters of Elder Law including estate planning.