Helping You Get The Qualified Income Trust You Need, Right Now, Right Here
When A Qualified Income Trust Is All You Need
If you, or your family member, is in a nursing home, and all you need is a qualified income trust to qualify for Medicaid to pay for nursing home care. You can get your QIT prepared for you at this website, right here and right now.
What is a Florida Qualified Income Trust ? How does a Qualified Income Trust Work? Prepare your QIT Here, Now, Online!
An irrevocable qualified income trust, sometimes referred to as a "Miller Trust" or "QIT," is a trust that is provided for by the Florida rules for Medicaid eligibility, so that one can qualify for Medicaid benefits to pay for long term care in a skilled nursing home or for any of the community based Medicaid programs, even if they have more income than is otherwise allowed for Medicaid eligibility for benefits. (Information about the current cost for long term care (more than $7,300 per month or $87,600 annually) is provided by this 2014 survey by Genworth Financial).
According to that Genworth Financial study, "there are 10,000 baby boomers a day turning 65 and this is expected to continue for the next 13 years. At least 70% of people over 65 will need long term care services and support. By 2020, 12 million people are expected to require long term care at some point."
A QIT will allow you, or your family member, to qualify for Medicaid benefits to pay for nursing home costs or one of the community based waiver programs, even if the skilled care nursing home resident has income that exceeds the "Income Cap" established for Medicaid eligibility. Currently, for 2016, the Medicaid income cap in Florida is $2,199 per month.
You can begin the process of obtaining your Florida QIT online by going to our Qualified Income Trust document (click here) preparation site and answering a few questions. Submit the questionnaire after completing it, pay your fee, and we'll have the completed trust to you within 48 hours (excluding weekends and holidays). It only takes a few minutes and the fixed fee for your irrevocable qualified income trust is only $295. We promise to provide you with your trust within 48 hours of your submission of the information. We provide you with simple instructions for properly signing the irrevocable Medicaid trust document and instructions for handling the bank account for the irrevocable qualified income trust. The QIT form that is prepared through this site is acceptable for the Institutional Care Program (ICP) or any of the community based waiver programs for care in an assisted living facility.
If you or your family member, who is currently, or is about to start, living in a skilled nursing facility, or who seeks to become qualified for Medicaid benefits in any of the community based waiver programs, and has income in excess of that amount ($2,199 per month), an irrevocable qualified income trust must be established so he or she can qualify for Medicaid benefits to help pay for the cost of long term care in a skilled nursing facility or in any community based waiver Medicaid program.
For the purpose of determining whether you qualify for Medicaid benefits, the State of Florida includes indemnity payments you receive from long term care insurance as "income." Accordingly, if your income plus long term care insurance benefits exceed the income cap, then you will need an irrevocable qualified income trust, or Miller trust for Medicaid benefits.
Florida is an Income Cap state, which means there is an upper income limit for Medicaid eligibility. A person's total gross income includes the amount received from Social Security, pensions, IRAs and all other forms of income. The upper income limit typically goes up by a few dollars each year. In many cases where an elderly person's income exceeds the upper limit, an irrevocable "Qualified Income Trust" (also known as "Miller Trusts" or a "QIT" or an "Medicaid income only trust") can be used to legally solve the problem of too much income.
Following the detailed requirements for drafting a QIT and for administering an irrevocable qualified income trust account is important for maintaining Medicaid eligibility for the elderly person after it is first obtained. Your Medicaid planning elder law attorney should provide you with detailed and specific direction for the proper funding and administration of the irrevocable qualified income trust fund. In addition to the qualified income trust you prepare at this site, we provide you with a Memorandum Regarding Funding Your Qualified Income Trust, and a letter directed to your bank explaining how to set up and operate the bank account for the Qualified Income Trust, along with instructions for the proper signing of the qualified income trust.
Income for Medicaid eligibility purposes is gross income. This means that all deductions are added back into the income before one can determine the total amount of income for Medicaid eligibility purposes, and is another example of why proper Medicaid planning is so important for each involved individual, and why a qualified income trust account may be necessary.
If the person seeking Medicaid is incapacitated and unable to legally sign the irrevocable qualified income trust, it is appropriate that there be a proper durable power of attorney in place so the FL Miller Trust can be established by the incapacitated person's agent.
The form for the power of attorney should include a specific authorization for the agent or attorney in fact to sign the irrevocable qualified income trust for the incapacitated person's skilled nursing home Medicaid eligibility.
An experienced elder law lawyer can assist you in obtaining the proper form for power of attorney. Without a proper form for the FL durable power of attorney, the incapacitated person may not qualify for Medicaid benefits.
If you need an irrevocable Qualified Income Trust, or Miller Trust form, to qualify for Medicaid benefits, and that is the only thing you need to be eligible for Medicaid benefits, you can obtain a qualified income trust document that is guaranteed to meet the legal requirements of the Florida Department of Children and Families for such a trust, quickly and at a reasonable cost, at this website.
The irrevocable qualified income trust template, or Miller Trust form, that you can obtain through this website is reviewed by an experienced elder law lawyer with more than 30 years experience as a Florida attorney, and more than 25 years experience working with the Florida Department of Children and Families (and its predecessor the Department of HRS) in the preparation of irrevocable trusts for Medicaid eligibility.
You can prepare your Florida qualified income trust template online, by answering a few questions that will provide the information necessary for our office to prepare your Miller Trust form in Florida.
Your answers to the questions will be reviewed by our experienced Florida elder law attorneys, who will complete the Miller trust and return it to you by email within 48 hours (excluding weekends). Your Florida irrevocable qualified income trust is guaranteed to meet the requirements of the Florida Department of Children and Families ("DCAF"), or we will refund your money in full if your trust form is not accepted by DCAF.
If you need a consultation with our experienced elder law attorney in Florida, please call us at 904-448-1969, or toll free at 866-510-9099, or email us at Info@QualifiedIncomeTrust.com.