Can any individual have more than one IFT?
Yes. However, the aggregate amount of all IFTs cannot exceed the total exempted amount based on Medicaid laws in any given state. Can the money be taken back once the assignment into the IFT made? Yes. But ONLY during the 30 day ‘free-look’ period. Should the grantor/insured decide not to continue with the IFT, all assets will be returned to the grantor/insured and the IFT is effectively cancelled. The 30 day ‘free-look’ period begins the day after the grantor/insured receives the acceptance letter and Certificate of Coverage from the Company. Once the 30 day ‘look-back’ period expires, the funds will not be returned for any reason whatsoever. Explain the Part A and Part B in the trust agreement. The Trustee shall divide the Trust Estate into two separate shares, trusts A and B. Trust A shall be composed of cash in an amount equal to the lesser of (1) the maximum amount that may be set aside in the state of the grantor/insured’s residence for funeral expenses and qualify as Exempt Asse
