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Robert
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Where can I download a free Qualified Income Trust Agreement

Customer Question

Where can I download a free Qualified Income Trust Agreement for Florida?
Submitted: 3 years ago.
Category: Legal
Expert:  Robert replied 3 years ago.
You can create your own if you feel comfortable doing this.

Here is a link that explains more about a Qualified Income Trust in Florida and what you would need to include in the document:

http://www.floridamedicaidrules.com/qualified_income_trust_factsheet.pdf

Or, if you would rather have one created for you and you just be responsible for filling in the information, then you may pay for a Qualified Income Trust form on this site:

http://secure.uslegalforms.com/cgi-bin/forms/search.pl?state=FL&query=qualified+income+trust&field=anywhere

I'm glad to be able to answer your question. Please click "Accept" if you need no further clarification, but if you need me to further clarify just let me know and I will be happy to do so.


Take care,



Robert
Customer: replied 3 years ago.
That link is for a corporation as trustee not an individual. This for my each of my parents for Medicaid. I am POA
If you can not help me let me know. I just want to download the right form

Thanks
Expert:  Robert replied 3 years ago.
That is incorrect. Both links are regarding a Qualified Income Trust or Miller Trust which is used for Medicaid. You designate the trustee (or not since a trust will not fail for lack of having a trustee).

If a Medicaid applicant's income exceeds the lawful amount for Medicaid eligibility ($2022.00 per month effective Jan. 1, 2009), a Qualified Income Trust must be created with the applicant's income in order to create eligibility for long-term nursing home care benefits. This instrument is also called a Miller Trust. This is an irrevocable trust.

The income of the Medicaid applicant which exceeds the eligibility criteria, is placed in the trust, and someone other than the applicant is the trustee. The trust income will be disposed of in accordance with the directive of the Florida Department of Children and Family Services, after the applicant has applied for Medicaid and been approved. Generally speaking, the applicant will be allowed to retain $35 per month of the income; may be entitled to divert some of the income to the community (well) spouse if the spouse's income falls below $1,822.00 per month; and pay a fixed amount towards his patient's responsibility for nursing home care. In the event that there are excess funds in the account after the applicant dies, Florida Medicaid is entitled to reimbursement from those funds.

The Qualified Income Trust may be created by the applicant, if the applicant is competent to do so; by the applicant's spouse, if there is one and if the spouse is competent to do so; or by the attorney-in-fact pursuant to the applicant's Durable Power of Attorney, if the Durable Power of Attorney authorizes the agent to do so. If none of the above conditions exist, a court proceeding would be necessary to secure the authority to create a Qualified Income Trust.

The Qualified Income Trust must be properly managed and payments must be made each month to maintain eligibility. There are very specific rules that must be followed for the trust. For example, it must be in a non-interest bearing account.

If you are uncomfortable with drafting the document or filling out a form, as in the correct form I provided, then you should really contact a local attorney and he/she will walk you through the process.

Please click "Accept" if you need no further clarification, but if you need me to further clarify just let me know and I will be happy to do so.


Take care,



Robert
Customer: replied 3 years ago.
I am not satisfied with my answer please do not charge my card Thank you
Expert:  Robert replied 3 years ago.
Your card is not charged until, after you have someone put time and effort into providing you with the exact answer to your question, you voluntarily realize that you owe them the amount you promised and you click "Accept" in order to fulfill your end of the deal. If you can live with it then I can live without it. Good luck to you.

Take care,


Robert
Customer: replied 3 years ago.
I can live with it and my card was charged please make sure it is credited Thank you for your time

The second or third line in the document specifically addresses a corporate address
Expert:  Robert replied 3 years ago.
A Miller Trust is used for Medicaid. Your opinion as to the language of the trust, while you are entitled to it, is not really determinant here as you came to me for legal advice and I did not come to you for your legal opinion.

Here's a link that might explain the Miller Trust a little bit better:

http://floridamedicaidonline.com/news-and-articles/59-what-exactly-is-a-qualified-income-trust

I hope this helps you to understand better.


Take care,


Robert

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