What Is A Miller Trust And How Does It Work?
A Miller Trust, also known as a Qualified Income Trust, is an irrevocable trust designed to help individuals with limited income and resources qualify for government benefits such as Medicaid. The trust allows these individuals to transfer some of their income into a trust account, which is then used to pay for their medical care and other needs.
The trust is designed to allow individuals to qualify for Medicaid while still protecting some of their income. The trust is also designed to protect assets that would otherwise disqualify an individual from receiving Medicaid. If you are looking for a Miller Trust in Arizona, you should check https://elderlawofaz.com/elder-law-altcs/.
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In order to create a Miller Trust, a person must first find a trustee to manage the funds. The trustee is responsible for managing the funds in the trust and following the guidelines set by Medicaid. The trustee is also responsible for filing taxes for the trust and distributing the funds according to the trust's instructions.
Once the trust is established, the individual must transfer some of their income into the trust. The individual can also transfer assets into the trust, although this is not required. The trust must also have an appropriate distribution plan that outlines how the funds should be used.
Miller Trusts are an important tool for those who have limited income and resources but still need help qualifying for Medicaid. By transferring some of their income and assets into the trust, individuals can protect their assets and still qualify for the program.
