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The document outlines a Qualified Income Trust (QIT) agreement established to help the Settlor qualify for Medicaid. It details the trust's purpose, funding, distribution rules during the Beneficiary's lifetime, irrevocability, termination conditions, and the powers of the Trustee. The trust is designed to manage income in compliance with federal and Georgia laws while ensuring that any remaining assets after the Beneficiary's death are allocated to cover Medicaid expenses and then distributed to heirs.

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How do you set up a qit?

First, you must establish a valid QIT document or instrument that complies with the requirements. Second, you must set up a bank account which will be the trust account. Finally, each month you must transfer all or part of the income into the QIT account so Medicaid can exclude the income in determining eligibility.

What is a QIT document?

A qualified income trust (QIT), also known as a Miller Trust, is an irrevocable trust specially designed to legally divert an individual or married couples income into a trust resulting in the income being excluded for purposes of determining eligibility for nursing home (institutional) Medicaid and 1915(c) home

What can be paid out of a qit?

Allowed Uses of QIT Funds Health expenses. Wellness expenses. Medical-related expenses. Costs for additional care.

How does a qit work in Georgia?

A qualified Elder Law Attorney can help applicants qualify for Medicaid when their income or assets are above the limit. The Attorney can create a Qualified Income Trust (QIT) which lowers the applicants income, so they do qualify for Medicaid to cover the cost of the Nursing Home.

What is the meaning of qit?

What is a Qualified Income Trust? If your income is over the limit to qualify for Medicaid long-term care services (including nursing home care), a Qualified Income Trust (QIT) allows you to become eligible by placing income into an account each month that you need Medicaid.

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How much does it cost to set up a qit?

Some Medicaid Professionals include the cost of establishing this type of trust as a package deal with other Medicaid planning services. However, on average, solely setting up a QIT runs approximately $400 to $500, but may run as high as $1,000 or $2,000.

How does a qit work in NJ?

QITs are solely for income received by the Medicaid beneficiary in the month it is received. Income is considered a resource in the month after it is received. Resources cannot be deposited into a QIT. Resources include things like cash, funds from the sale of real or personal property, savings, or investment account.

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