Florida Qualified Income Trust Template

March 24, 2025 at 09:15 AM EDT

Originally Posted On: https://www.bbelderlaw.com/florida-qualified-income-trust-template/

Guide to Florida Qualified Income Trust Template

TMedicaid planning in Florida can be challenging, especially when dealing with long-term care costs. A Florida qualified income trust template helps manage income to meet Medicaid eligibility for those whose income exceeds the limit and require long term care in a nursing facility or under a Medicaid waiver program. This guide addressing common concerns and works through the process of the qualified income trust creation and funding.

Are you caring for someone who lives in Northeast Florida? Tell us about your situation by clicking here and visiting our Contact page .

Understanding the Florida Qualified Income Trust (QIT)

A Florida Qualified Income Trust (QIT), often called a “Miller Trust,” is a legal trust agreement. It aids those with excess income in qualifying for Medicaid’s Institutional Care Program (ICP). This program covers long-term care services such as nursing facilities. The trust holds the excess income so it doesn’t affect the Medicaid income cap.

Who Needs a Florida Qualified Income Trust Template?

You might need a QIT if your income is too high for Medicaid ICP and you require long-term care assistance. Florida’s long-term care costs are substantial. A QIT may be necessary for an individual who exceeds the income limitations set forth by Medicaid.

A qualified elder law attorney can guide you regarding eligibility for Medicaid’s Institutional Care Program.

How a Florida Qualified Income Trust Template Works

This irrevocable qualified income trust can’t be altered after creation. The trust agreement stipulates that remaining funds, after your death, go to the State of Florida (up to the total medical assistance paid).

The trust document is an agreement or contract. The QIT only holds income, not assets. Your monthly income is deposited, reducing your countable income below the Medicaid limit.

This remaining income goes towards patient responsibility and other qualified medical expenses.

Key Elements of a Florida Qualified Income Trust Template

Here’s what a typical template includes:

Element	Description
Grantor/Trustee	The grantor trustee creates the trust (you or a representative).A successor trustee manages the trust and distributes funds.
Beneficiary	The person the trust benefits (usually the Medicaid applicant).The applicant’s total medical expenses will factor into distributions from the trust.
Trust Purpose	States the trust’s reason for existing—making the applicant eligible for Medicaid benefits and ensuring proper use of unearned income.
Income Sources	Lists the trust’s income sources (Social Security, pension, etc.).Income must be added to the irrevocable trust each month.Any and all unearned income from pensions and other sources is addressed.The total medical assistance provided and all care services, both from the past and those currently being provided, are relevant considerations here.
Distribution Rules	Specifies payment recipients and the order (patient responsibility, personal needs allowance, medical expenses, etc.).The remaining trust income after allowable expenses and distributions to beneficiaries is crucial in ongoing administration of this Medicaid trust.Includes permissible expenses like bank fees and trustee fees.Defines payment methods and timing—often by check to a governing body on or before the last day of the receipt month.Stipulates leftover funds dispersal upon death—repayment to the state health department for Medicaid assistance, then to heirs if any remain.

Finding a Florida Qualified Income Trust Template

A skilled elder law attorney provides a valid template and guidance. This form, acceptable to Florida DCF, is required for Medicaid eligibility under the ICP.

A good template ensures complete QIT information, avoiding pitfalls like unclear trustee instructions. A detailed questionnaire can address numerous points: general info (referring parties, qualifications), legal/probate history, health history (self/family), finances (all assets), monthly income (gross, with deductions), asset transfers (five-year lookback), military history, end-of-life wishes (DNR), body/organ donation choices, medical coverage, and will considerations.

Such templates meeting all legal aspects are obtainable. Additionally, templates typically state the successor trustees and specify if there are rights powers bestowed on them according to Florida law.

Preparing Your Florida Qualified Income Trust Online

The initial trustee of the qualified income trust agreement cannot be the grantor or creator of the trust.

You can also get templates through an estate planning site or a qualified elder law attorney specializing in Florida QITs. An attorney can prepare a durable power of attorney in case an applicant is incapacitated. All care services received under Medicaid should be documented to ensure compliance.

FAQs about florida qualified income trust template

Does Florida allow QIT?

Yes, Florida uses Qualified Income Trusts (QITs), also known as Miller Trusts, to help people qualify for Medicaid’s ICP and Home and Community Based Services (HCBS) Waivers. These are required when income is above the limit. HCBS Waivers are an option to provide an array of care services, allowing flexibility with qualified medical expenses according to HCBS guidelines and under current Florida law. An important thing to understand in Medicaid planning is if your combined income from social security, pension payments and other sources of unearned income exceeds the income limit. Money placed in a QIT account lowers the applicant’s countable income.

What expenses can be paid from qualified income trust Florida?

Expenses include patient responsibility payments to the facility, uncovered medical expenses, a personal needs allowance, and certain administrative costs (e.g., bank fees and trustee fees, adhering to Section 01120.203 guidelines.) Good faith compliance with these regulations and full transparency about any funds the trustee might be holding in accounts belonging to the trust estate are expected according to the trust document.

Does a Florida trust require a Florida trustee?

A Florida trustee isn’t mandatory, but it simplifies administration due to their familiarity with Florida law. A non-Florida trustee might be viable, however, they should consult a local Florida law attorney.

How does a Miller trust work in Florida?

A Miller Trust (or QIT) holds excess income for Medicaid applicants in Florida.You move money into the QIT bank account, the applicants income then is lowered by the amount you move into the qualified income trust bank account.

Do you need a Qualified Income Trust account at a bank?

Yes, the QIT document template is not enough. You also need to setup a trust bank account titled under the name of the Medicaid qualified income trust in order to pay for long term care Medicaid waiver or ICP benefits. From our experience, credit unions are not a financial institution that allows QIT accounts to be created.

Do you need a Tax Identification Number for the QIT?

It is very common for banks to ask for a EIN or tax identification number for the QIT account, but one is not needed because it is a grantor trust under the IRS rules.

Conclusion

A florida qualified income trust template streamlines complex Medicaid planning. Experienced elder law professionals offer essential guidance. Understanding QITs, their components, and available resources, such as free consultations, empower families and caregivers to make sound decisions, securing their loved ones’ future and providing access to long-term term care services.

Having a durable power of attorney, drafted by an elder law attorney, addresses situations like mental impairment when using a florida qualified income trust template.

We help caregivers looking after aging or disabled adults who live in Northeast Florida. Tell us about your situation by clicking here and visiting our Contact page.

About Us

About Cabling Installation & Maintenance

Contact Cabling Installation & Maintenance

Editorial

Advertising and Sponsorship Sales

Subscriptions and Memberships

Feedback/Problems