| Another pooled trust question…read on
CLIENT QUESTION:
Will a pooled income trust pay for your house expenses (taxes, repairs, etc.) if the house already is in an irrevocable trust?
MY RESPONSE:
From past LISTEN TO LAWRENCE LETTERS, you will remember that many of our clients who are receiving Community Medicaid (for home care) protect their income by paying their otherwise unprotected income into a pooled trust. The pooled trust in turn can pay any bill which was for the benefit of the Medicaid recipient. The question then becomes, are the house expenses an obligation of the Medicaid recipient or the trust? The answer is that I prepare these Medicaid irrevocable trusts so that you remain liable to pay the taxes, repairs, insurance, etc., and therefore the pooled trust can pay these expenses.
Cool right?
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