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B. The “property” transferred to the trust takes on the form of a fund and may be comprised of any type of a resource including liquid, non-liquid, and real property as well as income producing goods, services and businesses. Trusts and portions of trusts may be treated as available income, available resources, or as a transfer of assets for less than fair market value. C. For the purposes of this Part, the term “Medicaid LTSS applicant” refers to both a person seeking initial eligibility and current beneficiary so as to distinguish between a trust beneficiary. When a trust includes the assets of multiple persons, only the portion of trust that is attributable to the Medicaid LTSS applicant is considered in the eligibility process. D. The factors that affect the treatment of a trust in the Medicaid LTSS financial eligibility process are as follows: 1. Legally valid – A trust must be valid under Rhode Island law. 2. Date established – Under Federal law, trusts established prior to August 11, 1993 are treated differently than those established after that date. In addition, income and resources generated from trusts created before February 8, 2006 may be treated differently. 3. Types of trusts – Treatment of a trust varies depending on whether it is: a. Living trust versus testamentary trust. (1) A living trust or an inter-vivos trust – Set up during a person's lifetime and becomes effective when it is created. The State reviews Medicaid living trusts to determine whether and to what extent the instrument affects a person’s LTSS financial eligibility. (2) Testamentary trust – Generally established within a will and does not become effective until after the death of the “testator” who established the trust. A testamentary trust takes effect after the testator’s death. Testamentary trusts are not treated as trusts for Medicaid eligibility purposes and therefore are exempt from the provisions in this Section. b. Revocable versus irrevocable under Rhode Island law. (1) Revocable trusts – The grantor who established the trust retains ownership and control of the property in the trust and can change the terms, including the trustees and grantor beneficiaries. (2) Irrevocable trusts – The grantor who created the trust gives ownership and control of the property in the trust to one or