Attorney Jason Neufeld goes into detail about the differences between Pooled Special Needs Trusts & Qualified Income Trusts — Learn more about Special Needs Trusts👇
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Transcript:
Today I want to talk about why even though you may only need a qualified income trust, it may make more sense to use a pooled special needs trust instead. To review why, first, as a quick review, a qualified income trust is for those who are applying for a long term care Medicaid program. Whether it's the Medicaid waiver home and community-based services or the nursing home ICP program. When Medicaid will pay for some or all of your home care, a part of the ALF bill or the entirety of a skilled nursing facility bill, less than your income.
But for those folks who earn more than the income cap limit in 2020, that number is $2,349. For those who earn from all income sources combined more than $2,349, they need to create what's called an income trust or a Miller trust or qualified income trust. Those are all terms that mean the exact same thing. All right, so my clients will often be given that direction, maybe they have not a lot of assets, but they earn too much income. The issue is the qualified income trusts are limited by what they can pay for, right? The trustee can only take money out of the qualified income trust to pay for health or medical expenses. So if you're in a nursing home or if your loved one is in an assisted living facility, paying what the patient owes for that bill will often cover that expense. But for my clients who live at home, their Medicaid will be covering their medical expenses. So the income that goes into the income trust, then it's sort of stuck there, and this is where a pooled special needs trust comes in.
Typically your Elder Law attorney is going to be discussing a pooled special needs trust when you have too much by way of assets, you take money from your personal account and put it into a pooled special needs trust without violating any of Medicaid transfer or gifting rules, it doesn't impact the five year lookback period.
But what a lot of people don't realize is that the pooled special needs trust can double as an income trust, it can serve the same purpose as a Miller trust. So money can go in, if income is the only issue you can even just take the excess income that would normally go into a qualified income trust and instead put it in a pooled special needs trust as well. But the benefit is then the pooled special needs trust trustee can pay for almost anything that is for the benefit of the Medicaid beneficiary, not just health and medical expenses. It can pay taxes, it can pay utilities, and pay credit card bills, things that are not necessarily going to be health or medical-related expenses.
So pooled special needs trusts have their own drawbacks, qualified income trusts have their own drawbacks. For a more complete discussion, I think it's going to make a lot more sense for you to sit down whether it's myself or another Elder Law attorney in Florida to discuss whether the qualified income trust or the pooled special needs trust makes more or less sense for you if income is your issue, and obviously these are both quite often used with a lot of other Medicaid planning strategies that we have at our disposal. Hope this has been helpful. If you have any questions, please schedule a consultation. Thank you.
