Stark & Stark Shareholder, Steve Friedman, Esq., Chair of the firm’s Trusts & Estates Department, was interviewed by New Jersey Public Television’s NJTV News to discuss the benefits and drawbacks of the New Jersey Medicaid Qualified Income Trust. Until now, individuals with income above the Medicaid Cap ($2,163 in 2014) were only eligible for Medicaid benefits while in a skilled nursing facility, while individuals whose income was below the cap were also eligible for in-home and assisting living care. Effective December 1, 2014, individuals with income above the Cap will be able to use a Qualified Income Trust to be eligible for all levels of care. Unfortunately, the law requires all individual whose income exceeds the Cap to establish a Qualified Income Trust, even if they are in a skilled nursing facility. Residents of skilled nursing facilities who are already Medicaid eligible as of December 1 are grandfathered. The program, which aired December 2, 2014, can be found by clicking here.
For more information about Qualified Income Trusts, visit The New Jersey Department of Human Services’s website.