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In this tutorial, the speaker addresses whether caregivers need to open a separate account for depositing funds from a personal service contract when engaging in Medicaid planning. A personal service contract, also known as a family caregiver agreement, allows individuals to pay caregivers—such as relatives— in advance for services without triggering the Medicaid five-year look-back period. This process typically involves transferring a significant sum of money to the caregiver, often in one lump sum, though it can be done differently. The speaker frequently receives inquiries from caregivers regarding the necessity of opening a separate account for these funds.