Income Cap Trust Oregon Withholding
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FAQ
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.
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.
A Miller Trust is a type of trust that holds excess income so you can qualify for Medicaid long-term care benefits. Your state may have an alternative name for this type of trust. For example, in Arizona, it's called an Income-Only Trust. In Oregon, it's called an Income Cap Trust.
Income & Asset Limits for Eligibility 2023 Oregon Medicaid Long-Term Care Eligibility for SeniorsType of MedicaidSingleIncome LimitAsset LimitInstitutional / Nursing Home Medicaid$2,742 / month*$2,000Medicaid Waivers / Home and Community Based Services$2,742 / month?$2,0001 more row ?
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.