To be approved by the department, a qualifying income trust

1. (1) must consist exclusively of income to the applicant or recipient, including accumulated interest;
2. (2) must be irrevocable;
3. (3) may not contain an asset other than income;
4. (4) must terminate upon a court order or the death of the recipient, whichever is earlier; and
5. (5) must provide for reimbursement to the state under 7 AAC 100.608.

(Eff. 7/20/2007, Register 183)

Authority: AS 47.05.010, AS 47.07.020, AS 47.07.040