A Pooled Income Trust May Be The Best Option For Those With Excess Income

For an individual to be eligible for Medicaid services at home, he or she must be over 65 and disabled. In addition, the applicant must meet certain income and asset criteria in order to qualify, because Medicaid eligibility requires a means based test. As of 2017, an applicant is allowed to have $845.00 in income. It is possible that Medicaid may take any income in excess of this amount. For many individuals, turning over these excess funds to Medicaid is not a viable option because it would leave them without the means to pay certain expenses. Continue reading “A Pooled Income Trust May Be The Best Option For Those With Excess Income”

Which Trust Helps Me Qualify for Medicaid?

Through conscious Medicaid planning, New York residents may be able to preserve some of their assets for their children or other heirs while still meeting Medicaid’s income requirements. One means of achieving this is through the establishment of a trust. By placing assets into certain types of trusts an individual can eliminate their countable assets for Medicaid eligibility purposes. However, only certain trusts may be useful in qualifying for Medicaid. Continue reading “Which Trust Helps Me Qualify for Medicaid?”

How Can a Special Needs Trust Protect My Eligibility for Medicaid?

Supplemental or Special Needs Trusts (SNTs) are legal tools that individuals can utilize to protect their ability to receive New York Medicaid and Supplemental Security Income (SSI) benefits. Originally, SNTs were set up to allow parents of children with developmental disabilities to provide financial assistance for them as they grow up without negating their ability to receive public benefits. SNTs are structured in a way that they supplement the disabled individual’s public benefits, rather than replace them. Continue reading “How Can a Special Needs Trust Protect My Eligibility for Medicaid?”