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What is Quality Income Trust? How Does it Affect My Parents?

quality income trustDear Chrystal:

My parents have both had some serious health issues in recent years. I think in all likelihood, we will need to find a nursing home for them to move to in the very near future. My father is very unsteady on his feet and is falling quite often. Despite telling my mom over and over to call for help and not try to get him up on her own, she continues to try to assist him. As a result, she’s taken a few hard falls herself.

Several years ago, my parents sold their house and moved into an apartment. We’ve used a lot of the money from the sale of their house to pay for in-home care the past few years. While they do have some money left, it won’t last long if they are paying for a nursing home.

When my husband’s dad needed to move to a nursing home, we first had to spend down his assets so he would qualify for Medicaid. However, when I toured a nursing home last week for my parents, the social worker mentioned something called a Quality Income Trust. She explained that we wouldn’t have to spend down my parents’ assets like we did with my father-in-law.

What is this and how does it affect my parents?


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