Georgia Qualified Income Trusts Lawyer

Many of us are fortunate that our hard work in our youth has allowed us to receive significant income even after retirement. This can be the result of pensions or annuities that bring steady income that allows us to live our lives in comfort. However, complications can arise when the time comes to move into a nursing home. This income may be inadequate to cover the day-to-day costs of this treatment but may still be too much to qualify for help from Medicaid.

One option to address this concern is to create a Qualified Income Trust. These plans allow you to place excess cash into a Trust that lowers your overall monthly income below the threshold for Medicaid assistance in Georgia. Speaking with a Georgia Qualified Income Trusts lawyer today can help you to obtain the assistance you need when seeking out cost-effective nursing home care. A dedicated attorney at Nelson Elder Care Law can guide you every step of the way– give us a call to get started.

The Income Threshold for Medicaid Assistance in Georgia

Medicaid is a federally funded healthcare plan that aims to provide assistance to those who lack the funds to provide for their own needs. One major source of assistance is how Medicaid will provide direct payments to nursing homes for residents unable to afford their own care. However, Medicaid is always a needs-based program, and people who have their own sources of income or assets are ineligible for this assistance.

State law sets a limit on the level of income that you may receive and still be eligible for Medicaid help, which is laid out here. If you have monthly income due to pensions, annuities, or other sources, you cannot obtain Medicaid benefits. The purpose of a Qualified Income Trust is to lower your income below this level, allowing you to get the benefits you need.

Crafting Qualified Income Trusts that Help You Receive Full Benefits

It is important to note that trustees who oversee qualified income Trusts, also known as Miller Trusts, must use the income within the Trust for no purpose other than Trust maintenance and paying for nursing home care. Selecting a capable and willing trustee to oversee this process is an essential part of Trust creation.

The Official Code of Georgia Annotated § 53-12-200 says that any adult can serve in this role, but these parties must be aware of their role and obligations under state law. For example, a trustee must keep all Trust assets separate from other bank accounts and must only act for the benefit of the beneficiaries of the Trust. A Georgia Qualified Income Trusts attorney can provide more information about the formation of these arrangements and the obligations of trustees under the law.

Let a Georgia Qualified Income Trusts Attorney Help You

The Medicaid program provides significant payments to those who are otherwise unable to pay for nursing home care. Sadly, many people fall into a gap where their monthly income is too high to qualify for benefits but too low to afford needed nursing home care. In these scenarios, creating a qualified income Trust may be the best option.

A Georgia Qualified Income Trusts lawyer is ready to provide more information about these crucial legal documents. We are ready to assist you in getting the benefits you need and deserve. Call today to set up your free consultation.

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