It is no secret that nursing homes are costly. Even if you have worked all your life to set up annuities and receive pensions that provide a steady income in your senior years, you may still struggle to pay for this necessary care. For many, Medicaid can fill the gaps between their current income and the costs of nursing home care. However, Medicaid has a cap on the monthly income you may receive and still qualify for benefits.
This can often result in a gap where monthly income is insufficient to pay for care but too large to qualify for help. Here is where a Qualified Income Trust may be helpful. A Marietta Qualified Income Trusts lawyer can explain how these arrangements function and work to improve your eligibility for Medicaid. A dedicated Medicaid attorney is ready to fight on your behalf for the benefits you deserve.
Though they can serve a variety of legal purposes, all Trusts have the same basic structure. The original owner of property transfers that property into the care of a Trust. Once this occurs, the property no longer belongs to the original owner. At the same time, a trustee acts to protect that property and distribute it to beneficiaries at the appointed time. The Official Code of Georgia Annotated § 53-12-200 says that any adult can be a trustee but that they must understand their obligations under the law.
This can help you to qualify for Medicaid because surrendering ownership of house and savings to a Trust lowers your monthly income. Because Medicaid places an upper limit of $3,435 on eligibility as of 2022, placing monthly cash payments directly into a Trust can qualify you for these benefits. A Marietta Qualified Income Trusts attorney can provide more information about Trusts and their relevance to your situation.
People create Trusts for all kinds of reasons. Generally, they allow the transfer of house and savings from one party to another with minimal legal interference. However, the Federal government is aware of how they could be used to simply transfer cash to another party who can then send it back to the original owner. As a result, there are limitations on how Qualified Income Trusts can function with respect to Medicaid benefits.
The trustee who oversees the trust must be sure to keep this account separate from all others. At the same time, the trustees must use the funds in the trust only to maintain the Trust and to pay for nursing home care. In this way, the law ensures that money moving into a Trust for the purpose of obtaining Medicaid benefits still pays for nursing home care and not for any other benefit. A capable Qualified Income Trusts attorney who serves Marietta can help you to make sure that you act in accordance with the relevant rules and regulations.
You have worked hard in your younger years to obtain a passive income that secures your retirement. Even so, these payments may be insufficient to cover the costs of pending nursing home care while also being too high to qualify for Medicaid assistance. This can place you in a difficult financial situation.
Thankfully, a Marietta Qualified Income Trusts lawyer can help. By transferring monthly income into a Trust, you could improve your eligibility for Medicaid benefits that pay for nursing home care. However, there are limitations to this power, and crafting Trusts that meet these requirements is essential. Reach out today to learn more about what a skilled lawyer can do for you.
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