A qualified income trust is a term that’s relevant with Medicaid. The State of Florida is an income cap state meaning that if your gross monthly income is over a certain amount, then you are not eligible for Medicaid. However, we can fix that by creating a qualified income trust. All that is is a portion of your income will go into the trust each month before it goes to your medical provider. Now setting up the trust, whether you actually need one at all, how much money should go into that trust, and when it should be created are things that you shouldn’t be doing on your own. You really need an elder law attorney to help you with those matters.
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