What is a Qualified Income Trust?

If your income exceeds the amount to qualify for Medicaid long term care services, ($2,094.00 per month for 2012) a Qualified Income Trust allows you to become eligible by depositing income into an irrevocable income trust each month that you qualify for Medicaid.The QIT involves a written trust agreement and a separate bank account for making deposits.  The income you deposit into the QIT account is used to pay for the Medicaid recipient’s patient responsibility payments and medical expenses.

If you need legal advice for estate planning, Medicaid planning, or VA planning, please contact our office for an initial consultation at (941) 906-1231.