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Excess Income Trusts in New York

Dedicated Elder Law Attorney Serving New York

A pooled income trust is an option for an elderly person who is receiving Medicaid who has excess income. If you are seeking or currently receiving Medicaid and make more than the allowed income, you may be at risk of losing income to your long term care. As of 2010, a recipient of Medicaid Home Care Benefits will be entitled to keep no more than $767 of his or her income each month for non-medical expenses. A Medicaid recipient will be required to contribute all excess income toward the cost of his or her care unless he or she has a pooled income trust.

The pooled income trust serves to protect the excess income of a Medicaid recipient. This is one of the many services that an experienced New York elder law lawyer at Melnik Law Group, PLLC can provide to you and your family. It is virtually impossible for an elderly person to live off a mere $767 per month. Joining a pooled income trust essentially means that excess income will be sent to the trust rather than the home care agency. The trust will pay your expenses, such as utilities, clothing and food from your own funds rather than contribute these exclusively for your medical care. In addition to receiving living expenses from your trust, you will also receive your Medicaid Home Care Benefits.

Creating Peace of Mind For You & Your Family — Call an NYC Elder Law Attorney

To join the pooled income trust, you will need to sign an agreement that will redirect your excess income to the trust. This trust contains the funds of many disabled persons and is managed by a non-profit organization that keeps separate accounts for each person who contributes. Under the agreement with the trust, any remaining funds after the beneficiary's death are kept by the trust. In order for a New York City resident to participate in the pooled income trust, he or she will have to establish disability by the Social Security Administration or Medicaid.

Contact attorney Melnik at our firm today to talk about protecting your excess income from Medicaid through the pooled income trust.

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Melnik Law Group, PLLC - New York Elder Law Attorney
Located at One Rockefeller Plaza, 10th Floor New York, NY 10020 . View Map
Phone: (800) 517-5110