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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…

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DUTIES AND RESPONSIBILITIES OF ESTATE EXECUTOR OR ADMINISTRATOR

If you are approached by a family member or a friend and asked whether they may appoint you in their last will and testament as the executor of their estate, you natural first reaction is "What does does mean to me?" In another scenario, you may be faced with a death of a loved one, where you may be the only one required or willing and able to settle financial affairs of the deceased. Whether by choice or by circumstance, you should know what you are getting yourself into. Below are a…

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