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In this video, the speaker discusses personal services contracts, specifically in the context of elder law and Medicaid qualification. A personal services contract is a written agreement between a Medicaid applicant and a caregiver, which can be a professional or a family member. This contract stipulates a sum of money for the caregiver's services. The speaker explains that many clients seeking assistance are ineligible for Medicaid due to excess assets or income. They turn to the attorney for strategies to qualify for Medicaid, one of which includes establishing a personal services contract to help meet the necessary conditions for eligibility.