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.
The Houston Texas Qualified Income Miller Trust, also known as a QIT, is a specialized legal tool designed to help individuals who need long-term care services, such as nursing homes or home and community-based services, while also qualifying for Medicaid benefits. This type of trust is specifically tailored to individuals with excess income that exceeds the Medicaid eligibility limit. A Qualified Income Miller Trust allows residents of Houston, Texas, to place their excess income in a trust account as a means to meet the income requirements for Medicaid. By doing so, individuals can still receive the necessary long-term care services while avoiding financial ineligibility for Medicaid benefits. In Houston, there are two main types of Qualified Income Miller Trusts available: 1. Income Cap Trust: The income cap trust is created when an individual's monthly income exceeds the Medicaid eligibility limit. This trust allows the excess income to be deposited into a separate account solely for the purpose of qualifying for Medicaid benefits while still receiving necessary care services. 2. Pooled Trust: A pooled trust is an excellent option for individuals who have excess income but don't have a trusted family member or friend to act as a trustee. In a pooled trust, the individual's income is combined with the income of other beneficiaries, managed by a professional trustee. This type of trust allows the income to be pooled together for investment purposes while still meeting Medicaid requirements. To establish a Qualified Income Miller Trust in Houston, certain requirements must be met. These include selecting a trustee who will manage the trust account, executing the appropriate legal documents, and ensuring the trust meets all Medicaid guidelines. Additionally, it is crucial to consult an experienced elder law attorney who specializes in Medicaid planning to draft and implement the trust correctly. The Houston Texas Qualified Income Miller Trust provides a viable solution for individuals who need Medicaid benefits for long-term care services but have income exceeding the eligibility limit. By utilizing this trust, individuals can effectively manage their excess income while still receiving essential care services in Houston, Texas.The Houston Texas Qualified Income Miller Trust, also known as a QIT, is a specialized legal tool designed to help individuals who need long-term care services, such as nursing homes or home and community-based services, while also qualifying for Medicaid benefits. This type of trust is specifically tailored to individuals with excess income that exceeds the Medicaid eligibility limit. A Qualified Income Miller Trust allows residents of Houston, Texas, to place their excess income in a trust account as a means to meet the income requirements for Medicaid. By doing so, individuals can still receive the necessary long-term care services while avoiding financial ineligibility for Medicaid benefits. In Houston, there are two main types of Qualified Income Miller Trusts available: 1. Income Cap Trust: The income cap trust is created when an individual's monthly income exceeds the Medicaid eligibility limit. This trust allows the excess income to be deposited into a separate account solely for the purpose of qualifying for Medicaid benefits while still receiving necessary care services. 2. Pooled Trust: A pooled trust is an excellent option for individuals who have excess income but don't have a trusted family member or friend to act as a trustee. In a pooled trust, the individual's income is combined with the income of other beneficiaries, managed by a professional trustee. This type of trust allows the income to be pooled together for investment purposes while still meeting Medicaid requirements. To establish a Qualified Income Miller Trust in Houston, certain requirements must be met. These include selecting a trustee who will manage the trust account, executing the appropriate legal documents, and ensuring the trust meets all Medicaid guidelines. Additionally, it is crucial to consult an experienced elder law attorney who specializes in Medicaid planning to draft and implement the trust correctly. The Houston Texas Qualified Income Miller Trust provides a viable solution for individuals who need Medicaid benefits for long-term care services but have income exceeding the eligibility limit. By utilizing this trust, individuals can effectively manage their excess income while still receiving essential care services in Houston, Texas.
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.
