What Items Must Be Included in a Qualified Income Trust Agreement?
A Qualified Income Trust (QIT) agreement is a complex document that must meet specific requirements to be approved by the Florida Department of Children and Families. According to the applicable Florida regulations, a QIT agreement must:
- Be irrevocable,
- Require that all funds remaining in the QIT at the time of the death of the Medicaid beneficiary be paid to the State of Florida (up to the amount of Medicaid benefits paid on behalf of the Medicaid beneficiary),
- Consist of only the Medicaid applicant’s income, and
- Be signed and dated by the Medicaid applicant, the Medicaid applicant’s spouse, or someone who has the legal authority to act on the Medicaid applicant’s behalf.
If you think you may need to establish a Qualified Income Trust, the experienced elder law attorneys of Bach, Jacobs & Byrne, P.A. are here to assist you. Call us at (941)906-1231 to set up a consultation.