These income trusts provide seniors with a way to gain the access into senior living facilities, as well as nursing homes when their income exceeds the Medicaid cap. This extra money that is being put away is what is going to cover the additional costs that the insurance company is not going to pick up.
Changing Medicaid Rules
While speaking with a lawyer, they will tell you to have these fail safe ways to protect yourself, in the event that Medicaid does decide to change again. Their income caps and other issues continue to change as time moves forward, making it more and more harder to receive the benefits that so many people tend to need once they retire.
A lot of times, that retirement money is not going to go very far, which then causes a lot of issues throughout the senior world of living. Many seniors do not retire with enough money to sustain themselves entirely. This has become a problem, since it means more and more people living off of the system and not being able to gain the security that is needed.
With new laws in place, protecting these seniors, many people have found that they’re easily able to find the specific help that they need, but also have enough money to retire with in the end. The use of a qualified income trust can put these seniors in the best position possible to get much more from their retirements, as well as being able to sustain their life throughout the time that they need to, once work time has ended.
As for right now, multiple lawyers throughout the state of Florida, and any other states that have this stipulation, are working with seniors and even those that just want to secure their future setting up trusts to help them do so. Not only do these trusts cover them in the event of not having the right coverage, but they can then be passed down to their next of kin when it comes to allowing others to use the money that you’ve worked hard towards keeping.
These people have to work with a specific power of attorney, as well as a qualified lawyer to set up an account to do so, so they can be completely covered and that their trusts are completely legal and binding for each and every decision or dollar that they’ve put into the account.