Income Cap Trust Oregon Withdrawal
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FAQ
In Oregon, if a Medicaid applicant's monthly income from all sources exceeds $2,313.00, a Qualified Income Trust (?QIT?) is required. The QIT will allow the applicant to qualify for Medicaid in Oregon and to be eligible for long-term nursing home care benefits.
WHAT IS AN INCOME CAP TRUST? ?An income cap trust (ICT) is a document created in order to enable the beneficiary to establish and maintain eligibility for Medicaid ?? The Oregon Administrative Rule OAR 461-145-0540(10)(c) requires that an Income Cap Trust (ICT): Be established for the benefit of the applicant/client.
Unlike the federal system, estates and trusts are not required to make Oregon estimated tax payments.
The function of the Income Cap Trust is to capture the Medicaid recipient's income each month, make allowed distributions, and end each month with a zero balance. The state of Oregon is the named remainder beneficiary, and upon the Medicaid recipient's death, will receive the balance of the account, if there is one.
Trusts (other than business trusts , trusts taxed as corporations under Oregon law, and trusts taxable as corporations for federal income tax purposes) and estates are subject to the same Oregon personal income tax as individuals. ( Sec. 316.267, ORS ; Sec. 316.272, ORS ; Sec.