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 Suffolk New York Qualified Income Miller Trust is a legal arrangement designed to help individuals who are seeking Medicaid assistance for long-term care in Suffolk County, New York. This trust allows individuals to qualify for Medicaid benefits while still preserving a portion of their income for personal expenses. One type of Suffolk New York Qualified Income Miller Trust is the Income-Only Miller Trust. This type of trust is established when an individual's income exceeds the Medicaid limit, but they still require financial assistance for long-term care expenses. With this trust, the excess income is placed into the trust, which is then used to pay for the individual's medical expenses. The person's eligibility for Medicaid is determined based on the amount of income placed into the trust. Another type of Suffolk New York Qualified Income Miller Trust is the Pooled Income Miller Trust. This trust is helpful for individuals who have excess income but not enough to cover their long-term care expenses. In a Pooled Income Miller Trust, multiple individuals contribute their excess income into a "pool" which is managed by a non-profit organization. The pooled income is then used to pay for the participants' medical expenses, while still allowing them to qualify for Medicaid. The purpose of the Suffolk New York Qualified Income Miller Trust is to help individuals who have income that exceeds Medicaid limits gain access to crucial long-term care services while also providing a means for them to contribute to their personal expenses. It allows individuals to maintain their Medicaid eligibility while ensuring that their medical needs are adequately covered. By establishing a Suffolk New York Qualified Income Miller Trust, individuals can ensure that their excess income does not prevent them from qualifying for Medicaid and receiving the necessary long-term care services. These trusts are an essential tool for individuals in Suffolk County, New York, who require financial assistance for their medical expenses.The Suffolk New York Qualified Income Miller Trust is a legal arrangement designed to help individuals who are seeking Medicaid assistance for long-term care in Suffolk County, New York. This trust allows individuals to qualify for Medicaid benefits while still preserving a portion of their income for personal expenses. One type of Suffolk New York Qualified Income Miller Trust is the Income-Only Miller Trust. This type of trust is established when an individual's income exceeds the Medicaid limit, but they still require financial assistance for long-term care expenses. With this trust, the excess income is placed into the trust, which is then used to pay for the individual's medical expenses. The person's eligibility for Medicaid is determined based on the amount of income placed into the trust. Another type of Suffolk New York Qualified Income Miller Trust is the Pooled Income Miller Trust. This trust is helpful for individuals who have excess income but not enough to cover their long-term care expenses. In a Pooled Income Miller Trust, multiple individuals contribute their excess income into a "pool" which is managed by a non-profit organization. The pooled income is then used to pay for the participants' medical expenses, while still allowing them to qualify for Medicaid. The purpose of the Suffolk New York Qualified Income Miller Trust is to help individuals who have income that exceeds Medicaid limits gain access to crucial long-term care services while also providing a means for them to contribute to their personal expenses. It allows individuals to maintain their Medicaid eligibility while ensuring that their medical needs are adequately covered. By establishing a Suffolk New York Qualified Income Miller Trust, individuals can ensure that their excess income does not prevent them from qualifying for Medicaid and receiving the necessary long-term care services. These trusts are an essential tool for individuals in Suffolk County, New York, who require financial assistance for their medical expenses.
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.
