How QIT Funds Should be Spent // скачать в хорошем качестве

How QIT Funds Should be Spent //

Learn more about How We Can Help → https://www.elderneedslaw.com/ ⬇️Florida Elder Law Practice Areas ⬇️ Medicaid Planning / Long-Term Care Asset Protection Estate Planning Probate Administration ================================ 👉 Get Consultation https://www.elderneedslaw.com/contact ✅ Subscribe to always get my latest videos    / @elderneedslaw   📚 Check Out Our Elder Care Attorney Blog https://www.elderneedslaw.com/blog ===Must Watch=== • Understanding the Medicaid Income Test vs. Asset Test in Florida    • Understanding Florida Medicaid Income Test...   ✅Instagram:   / elderneeds   👉 Facebook:   / elderneedslaw   ✅ LinkedIn:   / elderneedslaw   https://www.elderneedslaw.com/ #ElderLaw #FloridaMedicaidPlanning #Medicare #ElderNeedsLaw #ElderLawAttorney #MedicaidPlanning #specialneeds #millertrust #ABLEaccount ________________________ Transcript: In this video we're going to discuss how qualified income trust or Miller trust funds are supposed to be spent and if you're watching this video you are undoubtedly aware that Miller trust which is another word for qualified income trust which is another word for income only trust these are tools that are used for people who are looking to qual ify for the long-term care program in Florida's on Florida's Medicaid long-term care programs whether that's receiving Care at home or receiving care in an Al or Skilled Nursing Facility if your income is above a certain amount you're going to need one of these Miller trusts or qualified income trust and here's where I like to explain sometimes there's a difference between what the law requires and what practically happens in the field so suffice to say if your income if your monthly income from all sources including social security combined exceeds the income cap which changes every year um and if it exceeds that amount you will need some kind of trust in order to qualify for Medicaid that's a given but now the question is how are those funds spent so as an example in 2023 when I'm recording this video the income cap is $2,742 meaning if your income is $2,743 from all sources combined you will need a trust for $1 I know seems ridiculous but that's that's how the law Works your income is uh $2,842 you'll need to put $1100 CU you're a $100 over the income cap limit into this trust and so on and so forth as your income increases or sources of income increases the issue is you have to put this money into the trust and the goal is we don't want money to accumulate because it it's going to go back to the government after my client the Medicaid recipient passes away we don't want just money sitting there and that makes no sense anyway because my client probably has to use the money they have other bills to pay so we don't want money accumulating the money is going to come in to pass Medicaid rules and laws and and and get you qualified and then the money we want coming right back out but when it's coming out of a Miller trust what can it be spent on the law says it's only supposed to be spent on health or medical related expenses so if you needed to pay for more home Healthcare no big deal if you needed to pay for the excess cost of an assisted living facility uh that's great it's not supposed to be spent money coming out of a Miller trust is not supposed to be spent on paying your electric bill or your Visa car or your Visa bill or uh any other utility or a homeowners association or your mortgage right it's not supposed to be spent those are not MediCal or health rated expenses so that's where the issue comes in if you are in Florida we are here to help we serve the entire State and thank you for watching