LADY BIRD DEED - Allows Texas property owners to avoid probate at death without sacrificing control over the property during life. Because it passes outside of probate, it is not an asset that the state will pursue at death to repay the Medicaid recipients debts, as required by the federal government.
LAST WILL & TESTAMENT - Legal document by which you identify those beneficiaries, individuals or charities, that are to receive your property and possessions on your death and you nominate an Executor to be responsible for the proper administration of your estate and the disposition of your property to your intended beneficiaries.
MEDICAID ESTATE RECOVERY PROGRAM (MERP) - For those who qualify, Medicaid pays for services that help people stay in their own homes as they get older and, if need be, to obtain medical care in a nursing facility. However, if a loved one received Medicaid for long-term services and supports, the State of Texas has the right to ask for money back from the person’s estate after he or she dies.
POWER OF ATTORNEY (POA) - A document that allows another person to handle your financial affairs if you are incapacitated.
QUALIFIED INCOME TRUST (QIT) - Also known as MILLERS TRUST, an irrevocable trust specially designed to legally divert an individuals monthly income into the trust and therefore reducing the income that is available to be counted for eligibility purposes towards Medicaid long-term care benefits.
TRUST - Manages the distribution of a person's property by transferring its benefits and obligations to different people to help you protect your assets and save estate taxes while also avoiding probate.