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How to Restructure Your Assets to Qualify for Medicaid

On Behalf of | Apr 20, 2022 | Medicaid Planning

Many families in Florida must shift ownership of their assets when the time comes for moving to a nursing facility for whatever health reason. Medicare insurance does not cover nursing facility costs, which leaves Florida residents with only the options of private insurance coverage or qualifying for Medicaid. Medicaid inclusion of nursing home residency makes it a necessity for most as they age. The problem is that Medicaid asset limits are very minimal when applicants are evaluated, and very many Florida residents will need to restructure their personal financial status reports in order to qualify. This is accomplished through prior financial transfers to inheritors and establishing one of two types of trusts.


Trusts are good financial tools for setting assets aside from a personal financial portfolio. The trust is a separate financial entity that is under the control of the designated trustee and is considered trust property. These trusts can be either revocable or irrevocable. However, there are two specific trusts that are used for Medicaid Planning. One of these is the Qualified Income Trust, also known as a “Miller” Trust. The other is the Pooled Income Trust.

How they work

The QIT “Miller” Trusts can use the deposited funds for certain types of expenditures, but it is considered property of the trust and not the individual. The PIT trust sets aside assets in two different groups that are typically divided along the lines of the Medicaid eligibility amounts. These assets can be used as well, but they are restricted only to disabled individuals. The remaining benefits are then used on other disabled members of the trust after the primary asset holder passes.

Planning for Medicaid eligibility is assuredly a central concern for everyone who is preparing personal estates for bypassing probate and avoiding creditor and taxation attachment. Trusts are essential in many situations, and everyone with considerable assets should evaluate the need for their creation and what type works best.