A trustor is the person who creates a trust. A trustor is also called a grantor, donor or settlor. A trust is a separate legal entity that holds property or assets of some kind for the benefit of a specific person, group of people or organization known as the beneficiary/beneficiaries. When a trust is established, an individual or corporate entity is named to oversee or manage the assets in the trust. This individual or entity is called a trustee. A trustee can be a professional with financial knowledge, a relative or loyal friend or a corporation. More than one trustee can be named by the trustor.
The qualified Medicaid income trust is a legal instrument which meets criteria in 42 United States Code 1396(p) and which allows individuals with income over the institutional care program limits to qualify for institutional care services or for home and community based services assistance.
A Medicaid trust may take various forms and laws vary by state. There are differing requirements under state laws regarding what assets may be counted or reached for recovery upon death. To comply with applicable requirements, professional financial advice should be sought. The term "Miller Trust" is an informal name. A more accurate name for this trust is an "Income Cap Trust". It has also been called an Income Assignment Trust. This is because, after the trust is created, the patient assigns his or her right to receive social security and pension to the trust.
Harris Texas Qualified Income Miller Trust refers to a specific type of trust that enables individuals with high medical expenses in Harris County, Texas, to qualify for Medicaid benefits. This trust is designed for individuals who exceed the Medicaid income limits but still require financial assistance to afford their medical care. The Harris Texas Qualified Income Miller Trust, also known as a QIT or a Miller Trust, allows individuals to "income qualify" for Medicaid by redirecting their excess income into the trust, thus bringing their countable income within the Medicaid eligibility limits. By creating a Miller Trust, individuals can obtain Medicaid coverage, which covers a wide range of medical services, including hospital visits, doctor appointments, prescription medications, long-term care, and more. There are different types of Harris Texas Qualified Income Miller Trusts, each serving a specific purpose and accommodating different circumstances: 1. Supplemental Needs Trust: This type of Miller Trust is created to provide additional financial support for individuals who require Medicaid assistance while also preserving their eligibility for government benefits. It allows the trust beneficiary to use funds from the QIT for expenses not covered by Medicaid, such as purchasing personal items, paying for transportation, or even enjoying recreational activities. 2. Qualified Income Trust for Long-Term Care: This type of Miller Trust is specifically for individuals who need long-term care services, such as nursing home care or assisted living facilities. It allows them to redirect their income into the trust to qualify for Medicaid coverage, as long-term care services can be financially burdensome. 3. Miller Trust for Individuals with Disabilities: This type of QIT caters to individuals with disabilities who require Medicaid assistance for medical coverage, therapies, or support services. It ensures that their income doesn't disqualify them from receiving necessary benefits, providing them with access to crucial medical resources. By utilizing a Harris Texas Qualified Income Miller Trust, individuals can effectively manage their excess income while securing Medicaid benefits, thereby ensuring affordable and comprehensive medical care.Harris Texas Qualified Income Miller Trust refers to a specific type of trust that enables individuals with high medical expenses in Harris County, Texas, to qualify for Medicaid benefits. This trust is designed for individuals who exceed the Medicaid income limits but still require financial assistance to afford their medical care. The Harris Texas Qualified Income Miller Trust, also known as a QIT or a Miller Trust, allows individuals to "income qualify" for Medicaid by redirecting their excess income into the trust, thus bringing their countable income within the Medicaid eligibility limits. By creating a Miller Trust, individuals can obtain Medicaid coverage, which covers a wide range of medical services, including hospital visits, doctor appointments, prescription medications, long-term care, and more. There are different types of Harris Texas Qualified Income Miller Trusts, each serving a specific purpose and accommodating different circumstances: 1. Supplemental Needs Trust: This type of Miller Trust is created to provide additional financial support for individuals who require Medicaid assistance while also preserving their eligibility for government benefits. It allows the trust beneficiary to use funds from the QIT for expenses not covered by Medicaid, such as purchasing personal items, paying for transportation, or even enjoying recreational activities. 2. Qualified Income Trust for Long-Term Care: This type of Miller Trust is specifically for individuals who need long-term care services, such as nursing home care or assisted living facilities. It allows them to redirect their income into the trust to qualify for Medicaid coverage, as long-term care services can be financially burdensome. 3. Miller Trust for Individuals with Disabilities: This type of QIT caters to individuals with disabilities who require Medicaid assistance for medical coverage, therapies, or support services. It ensures that their income doesn't disqualify them from receiving necessary benefits, providing them with access to crucial medical resources. By utilizing a Harris Texas Qualified Income Miller Trust, individuals can effectively manage their excess income while securing Medicaid benefits, thereby ensuring affordable and comprehensive medical care.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
