INCOME CAP TRUST
INCOME CAP TRUST
Note: This does not constitute legal advice. If you need legal advice, contact an attorney
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
• Contain all of the applicant/client's income
• Have a provision that the income deposited into the trust be distributed monthly in a specific order set by the Oregon Administrative Rule
• Have a provision that all monies remaining in the trust after the client’s death be turned over to the State.
OTHER TERMINOLOGY
GRANTOR
A person who creates a trust
(generally this is a Medicaid applicant/client)*
BENEFICIARY
A person who benefits from the trust
(generally this is a Medicaid applicant/client)*
*Usually, Grantor and Beneficiary is the same person for the purpose of the ICT
TRUSTEE
A person who holds a position of trust or responsibility for the benefit of another
(generally this is a Medicaid applicant/client’s representative, money manager etc)
SUCCESSOR TRUSTEE
A person who would step in or replace the original trustee
NAME OF THE TRUST
This is a Medicaid applicant/client’s full legal name
(i.e.”The Jane A Doe Sr. Income Cap Trust”)
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