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Florida Medicaid - QIT - Qualified Income Trust - Medicaid Rules - FloridaMedicaid.com
Qualified Income Trust - Medicaid Planning - Miller Trust
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Asset Rules

Florida allows an individual to retain less than $2,000 in non-exempt assets, in addition to certain exempt assets. If the individual is married, than the Agency allows the well-spouse to retain a "Community Spouse Resource Allowance" (CSRA) of up to $109,560.

Proper Titling of the assets is crucial to a Medicaid Estate Plan. Unfortunately, all too often improper transferring of assets in the hope of beating the Medicaid system occurs. (see Transfer of Assets). However, with the proper tools, much or all of your hard-earned assets may be legally protected and preserved for you and your family's continued benefit.

For example, one important aspect of planning for ICP Medicaid benefits is: What happens to the exempt assets and/or the $109,560 if the Well-Spouse passes away first or themselves need to enter a nursing home. Surprisingly, many people believe that the spouse who is in the nursing home will pass away first or that the Well-Spouse will never need long-term care. This does not always happen. If the Well-Spouse passes first - or enters a nursing home themselves - then the CSRA and Exempt Assets may be completely lost without proper planning. Speak to an attorney about what options are available.

SEEAsset Transfer Rules

SEEAsset Rules for a Single Person

SEEAsset Rules for a Married Person

 

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Senior Management Group, LLC, copyright 2005.  All rights reserved.

Disclaimer: The information provided on FloridaMedicaid.com is not intended to be legal advice, but merely conveys general information related to legal issues commonly encountered. Your access to and use of this website is subject to additional Terms and Conditions. 2005 Senior Management Group, LLC. All rights reserved.  Senior Management Group, LLC does not offer legal referrals (as defined in State Bar of Florida Pertaining to Lawyer Referral Services).