What is a QVAT trust?

Thank you for your answer. I just cashed in her last annuity and I am going to contact her elder care lawyer who drew up the family trust back in 2001. I am in the process of getting rid of anything of value in her house and putting the proceeds into her account to pay for her ALF.

If one's net worth is too high to qualify for the benefit, one can transfer assets to a different kind of trust, a QVap Trust. Because of the manner in which the QVap trust is drafted, assets held by it are not counted as owned by the creator of the trust (the parent). The QVap trust can also retain for the family the ability to claim the $250,000 exclusion from capital gain and obtain a step up in income tax basis on the death of the parent. Bear in mind that setting up any trust involves a lawyer. And there are fees.

It is called a QVap Trust. I am working with an elder benefits consultant who has been very helpful. They never mentioned a QVap trust. These consultants are free when helping fill out a VA application.