Elder Care Law: Qualified Income Trust

Nursing home care can easily exceed $90,000 a year in Georgia, and most people without long-term care insurance cannot afford the high cost of care. But Georgia residents whose monthly income exceeds the 2021 special income limit of $2,382 are not eligible to have Medicaid cover these costs.

The solution for individuals whose countable income is too high may be a Qualified Income Trust, also known as a Miller Trust. Setting up a Qualified Income Trust and depositing excess income or all income – including social security, retirement and other income sources – into it, can allow you to qualify for Medicaid.

While Georgia law does not require an attorney for the creation of Qualified Income Trusts, it is a good idea to consult with one to discuss all your Medicaid planning options. An experienced elder law attorney can help you figure out the best way to pay for your medical expenses and advise you on other estate planning measures, as well.

Speights Law can help you navigate all the aspects of your estate planning and determine whether a Qualified Income Trust is right for you. We can assist you with designating a trustee, assigning power of attorney, and filing the legal documents, and we can advise you on Medicaid planning alternatives, as well.

Our lawyers can also help you with will preparation, living trusts, advance healthcare directives, special needs trusts, and many other necessities of a solid estate plan. Don’t let uncertainty about the future cause you undue stress—contact Speights Law today.