Three Frequently Asked Questions About Income Trusts and Medicaid

For middle-class Americans, retirement doesn’t come easy. They don’t get the government-appointed benefits low-income houses might get, and they certainly can’t afford in-home or nursing home care with the money they’ve saved.

For these Americans, this is where medicaid comes in. With medicaid coverage through income trusts (also known as a Miller Trust or Qualified income trust), these necessities become more easily attainable. With this knowledge, questions about income trusts with medicaid planning run rampant. Here are a few commonly asked questions and answers to make this decision a little easier.

Credit: Assisted Living in the Caribbean

Does all my monthly income go into the income trust?

Do I get to choose where the money comes from?

Credit: RI Medicaid Planning

Can I access the money once it’s placed into the income trust?

If you still have questions, the best thing you can do is contact a professional elder law attorney that can help you with any and all of your planning. They will be able to help fulfill your personal needs for medicaid planning, wills, or anything else that falls under the umbrella of elder law.

Mark Shalloway is an elder and special needs care attorney in West Palm Beach, Florida.

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