Pooled Income Trust
Far too many people in New York find themselves faced with the difficult prospect of losing assets and income in order to qualify for the Medicaid benefits they need in order to receive long-term care. The good news is that with the aid of a knowledgeable elder law attorney, it may not be an all-or-nothing situation.
At Angiuli & Gentile, LLP in Staten Island, we are skilled at finding creative solutions that benefit people in need of long-term care. Our attorneys have been helping people plan their estates for more than 30 years. We know what steps to take to help you protect your income and assets while still qualifying for Medicaid benefits.
Why Create a Pooled Income Trust?
Pooled income trusts, also commonly referred to as NYSARC trusts, were originally created for the benefit of setting aside money for disabled children without affecting governmental benefits they were entitled to. Today, they are also commonly used by those who are in need of Medicaid benefits for long-term care.
Although there are monthly income limits to qualifying for Medicaid, use of a pooled income trust will allow you to qualify for Community Medicaid even if your income is over this limit. You will not lose your “excess income” – it will be used to cover your customary personal expenses.
Pooled Income Trusts and More
A pooled income trust can be extremely useful to a Community Medicaid applicant, but it should be utilized under the guidance of an experienced elder law attorney. At Angiuli & Gentile, LLP, our lawyers are here to make sure you understand all of your options, and to create a plan that reflects your unique needs and goals.
We look forward to helping you preserve your estate and we are committed to getting you the help you need. Contact us today to schedule a consultation.