Annual GDGC Caregiver Conference

On April 25, 2015, Life’s WORC Trust Department sponsored and attended The 5th Annual GDGC Caregiver Conference on Embracing Aging on Long Island, presented by Genser, Dubrow, Genser & Cona Elder Law Counselors. Paulette Elbers, Trust Administrator, and Pamela Linnemann, Esq. were on hand to answer the communities questions about trusts.

Most of the caregivers in attendance were interested in learning more about our Surplus Income Trust.  A Surplus Income Trust allows a person with excess income, the amount over the allowable Medicaid income limit, to deposit their monthly excess into a trust instead of paying it back to Medicaid.   The trust funds can then be available to pay for monthly expenses.  This trust works well for older adults who receive Social Security and or retirement benefits and need to qualify for Medicaid Home Care Services.  As an  example, let us assume an individual receives $300 more than the $842 per month, which is the usual amount allowed by Medicaid for an individual.  This individual can either give the excess amount ($300) to Medicaid each month and not have the money available to living expenses or deposit their surplus monthly income ($300) into a Medicaid approved pooled-income trust on a monthly basis.  The money deposited in the trust is then available for them to use for their expenses such as utilities, mortgage payments, rent or cell phone bills.

If you have questions about how to establish a Surplus Income Trust, give us a call at 516.348.7878.