What Is A Qualified Income Trust?

Video Transcription:

A qualified income trust is a tool to help a person qualify for Medicaid. I don’t qualify for Medicaid if I have more than roughly $2,000 of assets. I also don’t qualify if I have roughly more than $2,000 of income. So if I have Social Security, and pensions, and other sources of income, that may stop me from qualifying. In that case, it may in some cases be helpful to set up a qualified income trust, also called a Miller Trust, based on the Miller case, and my income goes into that trust, and it’s going to be used for my health care, my long-term care, but it’s not going to disqualify me from Medicaid. Have more questions? Then contact us today to schedule a free consultation! Doane & Doane – Top rated Tax & Estate Planning Attorneys