7 AAC 100.619 - Definitions

In 7 AAC 100.600 - 7 AAC 100.619, unless the context requires otherwise,

(1) "beneficiary" means an individual designated by a trust document to receive the benefits of the trust;

(2) "irrevocable trust" means a trust that, absent a court order, may not be revoked or modified by a grantor, beneficiary, or trustee;

(3) "recognized Medicaid trust" means a qualifying income trust under 7 AAC 100.610, a special needs trust under 7 AAC 100.612, or a pooled trust under 7 AAC 100.614;

(4) "revocable trust" means a trust that may be revoked or modified by the grantor;

(5) "trust" means a valid legal arrangement, manifested by a trust document or agreement, in which a grantor transfers income or resources to a trustee to be held, managed, or administered by a trustee for the benefit of a beneficiary;

(6) "trustee" means an individual or entity that holds, manages, and administers trust property according to the terms of the trust and for the benefit of a beneficiary.

Notes

7 AAC 100.619

Eff. 7/20/2007, Register 183

Authority:AS 47.05.010

AS 47.07.020

AS 47.07.040