What is a Qualified Income Trust?
If your income is over the limit to qualify for Medicaid long-term care services (including nursing home care), a Qualified Income Trust (QIT) allows you to become eligible by placing income into an account each month that you need Medicaid. The QIT involves a written agreement, setting up a qualifying bank account, and making deposits into the account.
Who needs a Qualified Income Trust?
You need a QIT if your income before any deductions (such as taxes, Medicare or health insurance premiums) is over the limit to qualify for certain Medicaid programs.
How do I set up a Qualified Income Trust agreement?
Contact St. Johns Law Group for assistance with a Qualified Income Trust or other elder law and estate planning needs. A Qualified Income Trust must meet specific requirements in order to be approved by the Department of Children and Families’ legal offices.