Qualified Income Trust / Pooled Trust and their Application
Overview The purpose of this article is to shed light on the complex topic involving Qualified Income Trusts and Pooled Trusts. Furthermore, I will try to distinguish between New York Law and New Jersey Law. Qualified Income Trust N.J. Admin. Code § 10:71-4.11 The purpose of a Qualified Income Trust (QIT) is to qualify an applicant for Medicaid in cases where income exceeds 300% of Federal Benefit Rate (FBR). For purposes of this document, I will refer to this as excess income. Under New Jersey regulations, excess income can be placed in…
Read More