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 Arizona Qualified Income Miller Trust, also known as a Miller Trust or a Qualified Income Trust, is a legal tool used to help individuals in Arizona qualify for Medicaid benefits when their income exceeds the eligibility limit. This specialized trust allows individuals with high monthly income to redirect a portion of their income into the trust, which is then used to pay for their medical expenses. The primary purpose of the Arizona Qualified Income Miller Trust is to modify the recipient's income to meet the Medicaid eligibility requirements. Medicaid is a government-funded healthcare program that provides medical assistance to low-income individuals, including the elderly and disabled. However, Medicaid has income limits, and if someone exceeds these limits, they would typically be ineligible for benefits. By creating an Arizona Qualified Income Miller Trust, individuals with income over the Medicaid threshold can lower their income to meet the qualifications. The excess income is then deposited into the trust, ensuring they can still receive Medicaid benefits, particularly for long-term care costs. There are two main types of the Arizona Qualified Income Miller Trust, primarily based on the source of the income being deposited: 1. Social Security Income (SSI) Qualified Income Miller Trust: This type of trust is established when the individual's sole source of income is from Social Security benefits, and it exceeds the Medicaid income limit. By creating and depositing the excess income into the trust, the individual becomes eligible for Medicaid assistance. 2. Non-Social Security Income (Non-SSI) Qualified Income Miller Trust: In cases where the individual receives income from sources other than Social Security, such as pensions, retirement funds, or other government benefits, this type of trust is used. Similar to the SSI-Qualified Income Miller Trust, the excess income is directed into the trust to meet Medicaid eligibility requirements. It is important to note that the Arizona Qualified Income Miller Trust must be established and managed according to specific legal guidelines. These guidelines ensure compliance with Medicaid rules and regulations, securing the individual's eligibility for Medicaid benefits without compromising their long-term healthcare provisions. In summary, the Arizona Qualified Income Miller Trust is a valuable tool for individuals seeking Medicaid benefits in Arizona. By redirecting excess income into a trust, those who surpass income limits can access necessary healthcare services covered by Medicaid. Both the Social Security Income and Non-Social Security Income variations of the trust help individuals navigate eligibility requirements and secure the healthcare assistance they need.
