payback provision

Definition of "payback provision"
  1. A clause in a specific trust guaranteeing that Medicaid is reimbursed from remaining trust property upon the death of the beneficiary, particularly in trusts funded with the beneficiary's own property
How to use "payback provision" in a sentence
  1. The payback provision in her son's special needs trust ensured that Medicaid would be reimbursed after his passing.
  2. Their lawyer stressed the importance of including a payback provision in their disabled daughter's trust.
  3. The existence of a payback provision distinguished the self-settled trust from a third-party trust.

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