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What is a irrevocable trust MIDGET?
A MIDGET trust is a Medicaid Intentionally Defective Grantor Trust. Done "right", an irrevoccable trust will either pay taxes as its own independently existing entity, or the income taxes will be due and paid by the beneficiaries. A Grantor Trust is one which is created to provide benefits to someone else (the beneficiary), but the income from the trust is taxed to the person establishing the trust (the grantor). For a long time, that was a bad thing, because people put assets into a trust to benefit others often, and getting stuck with the tax bill wasn't a good thing. More recently, estate planning attorneys such as those at the American Academy of Estate Planning Attorneys realized that an Intentionally Defective Grantor Trust (i.e. a trust which is intentionally deemed a Grantor Trust by the IRS) could serve estate planning goals. Such an IDGET (or IDGT) lets the Grantor preserve the assets they put into trust for someone by having the Grantor pay the taxes instead of their beneficiary or the trust for their beneficiary. This also serves to decrease the size of the Grantor's remaining estate which can be subject to onerous Federal Estate Tax and other death taxes later. Finally, the Medicaid portion of this term (In California, the 'M' is for Medi-Cal) refers to the use of this trust vehicle to encompass assets the Grantor places into the trust to protect them from a claim by the state Medicaid authorities for reimbursement for Medicaid (often Nursing Home/Long Term Care) benefits, or to increase the Grantor's eligibility for such benefits. Any member of the American Academy of Estate Planning Lawyers should be able to assist you with such an issue. My practice is in Pittsburgh as The Estate Planning Centers at The Coulter Law Offices LLC. Please remember that this is a general discussion only, and is not intended as legal advice upon which anyone should rely. Moreover, I'm typing this reply off of the top of my head as a courtesy, not as a researched answer to your situation. You should consult with a lawyer or appropriate professional regarding you own specific facts and circumstances.
Madeline M Turner?
Madeline M. Turner was an African-American woman who invented the fruit press. She made this invention in California in 1916.
What is an unsupported claim?
They are simply called "mere opinions" according to "Asking the Right Questions" by M. Neil Browne and Stuart M. Keeley.
What is the business strategy of Harvey Norman?
m
What are the five M's of business organization?
machine
When was Frank M. Scarlett Federal Building created?
Frank M. Scarlett Federal Building was created in 1959.
When was USAT General Frank M. Coxe created?
USAT General Frank M. Coxe was created in 1922.
What has the author Werner M Moser written?
Werner M. Moser has written: 'Sixty years of living architecture' 'Frank Lloyd Wright'
When did John M. Lloyd die?
John M. Lloyd died in 1892.
When did Lloyd M. Bucher die?
Lloyd M. Bucher died on 2004-01-28.
When was Lloyd M. Bucher born?
Lloyd M. Bucher was born on 1927-09-01.
What has the author E M Lloyd written?
E. M. Lloyd has written: 'Vauban, Montalembert, Carnot'
How did M and M get their name?
M&M were created by Frank Mars and Bruce Murrie. The first letter of each of their last names formed M&M, or Mars&Murrie.
How did m and m get their their name?
M&M were created by Frank Mars and Bruce Murrie. The first letter of each of their last names formed M&M, or Mars&Murrie.
6 M D M?
Hi Lloyd
When did Frank M. Faircloth die?
Frank M. Faircloth died in 1900.
When was Frank M. Faircloth born?
Frank M. Faircloth was born in 1820.
