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Attorney Ted Gudorf reveals how Qualified Income Trusts (QITs) can help families earning above Medicaid’s income limits still qualify for long-term care benefits. He breaks down the strict spending rules, smart strategies to enhance quality of care, and the importance of expert guidance to avoid costly mistakes.

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Takeaways  

• A Qualified Income Trust (QIT) helps qualify for Medicaid despite high income.
• Funds in a QIT must be spent on health-related expenses only.
• Medicaid has strict income limits for long-term care services.
• Trust funds can cover health insurance premiums and dental expenses.
• Prescription medications can be paid for using trust funds.
• Alternative therapies and treatments qualify for trust fund spending.
• Trust funds can be used for hiring additional home care assistants.
• It's crucial to keep detailed records of all expenditures from trust funds.
• Trust funds should be spent down regularly, not accumulated.
• Professional guidance is essential for effective Medicaid planning.

 Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube