The National Academy of Elder Law Attorneys (NAELA) has designated the month of October as National Special Needs Law Month. Special needs planning is an essential part of my elder law practice. There are unique steps to be taken to…
Category: Trusts
What Is a QIT?
A person must have a gross monthly income of no more than $2,382 in order to qualify for Medicaid assistance to pay for long-term care in New Jersey. If a person has a gross monthly income that is greater than…
Who Can Create a Special Needs Trust?
In 1993 Congress passed special laws that amended the Medicaid statute. A portion of the amendment to the Medicaid statute concerns the establishment of a Special Needs Trust for a disabled beneficiary who is less than 65 years of age. …
Special Needs Trust
A person must own less than $2,000 of resources in order to obtain Medicaid assistance to pay for long-term care. Both federal and state laws prohibit an individual from gifting assets within five years of the Medicaid application in order…
Additional Rules Concerning a Qualified Income Trust
New Jersey permits a person to reduce his or her monthly income below the Medicaid income cap through the use of a Qualified Income Trust, also known as a QIT. There are legal requirements, however, for the establishment of a…
Read More Additional Rules Concerning a Qualified Income Trust
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