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 District of Columbia Qualified Income Miller Trust (DC QIT) is a specialized type of trust designed to help Medicaid applicants meet the income eligibility requirements for long-term care services. This trust is specifically available for residents of the District of Columbia who have too much income to qualify for Medicaid but need to reduce their income to become eligible. A DC QIT is established by an individual, referred to as the "granter," who is seeking Medicaid assistance for their long-term care needs. The trust is required to be irrevocable, meaning that once it is established, the granter cannot make changes or cancel it without the permission of the Medicaid agency. The primary goal of a DC QIT is to redirect the excess income of the granter into the trust, thereby reducing their countable income to a level that meets the Medicaid eligibility threshold. The trust must be managed by a trustee, who can be a family member, a friend, or a professional appointed by the granter. There are typically two types of DC Its: 1. Individual DC QIT: As the name suggests, this type of trust is established for a single individual. It allows the excess income of the granter to be deposited into the trust account, ensuring that it does not count towards Medicaid's income limitations. The funds held in the trust can be used to pay for certain approved expenses, such as medical bills, personal needs, or other expenditures that benefit the granter. 2. Spousal DC QIT: This type of trust is specifically available for married individuals who have a spouse not seeking Medicaid benefits. It allows the granter to direct their excess income into the trust, effectively reducing their countable income while still providing financial support for their non-Medicaid spouse. The funds in the trust can be utilized to cover the non-Medicaid spouse's living expenses. It is important to note that establishing and managing a DC QIT requires compliance with specific rules and regulations set by the District of Columbia Medicaid program. These regulations may include limitations on the amount of income that can be deposited into the trust, reporting requirements, and restrictions on how the trust funds can be used. Overall, the District of Columbia Qualified Income Miller Trust serves as an invaluable financial planning tool for individuals who need Medicaid to cover their long-term care costs but have excess income that disqualifies them from eligibility. By establishing a DC QIT, individuals can strategically reduce their income and gain access to the vital Medicaid benefits they require.The District of Columbia Qualified Income Miller Trust (DC QIT) is a specialized type of trust designed to help Medicaid applicants meet the income eligibility requirements for long-term care services. This trust is specifically available for residents of the District of Columbia who have too much income to qualify for Medicaid but need to reduce their income to become eligible. A DC QIT is established by an individual, referred to as the "granter," who is seeking Medicaid assistance for their long-term care needs. The trust is required to be irrevocable, meaning that once it is established, the granter cannot make changes or cancel it without the permission of the Medicaid agency. The primary goal of a DC QIT is to redirect the excess income of the granter into the trust, thereby reducing their countable income to a level that meets the Medicaid eligibility threshold. The trust must be managed by a trustee, who can be a family member, a friend, or a professional appointed by the granter. There are typically two types of DC Its: 1. Individual DC QIT: As the name suggests, this type of trust is established for a single individual. It allows the excess income of the granter to be deposited into the trust account, ensuring that it does not count towards Medicaid's income limitations. The funds held in the trust can be used to pay for certain approved expenses, such as medical bills, personal needs, or other expenditures that benefit the granter. 2. Spousal DC QIT: This type of trust is specifically available for married individuals who have a spouse not seeking Medicaid benefits. It allows the granter to direct their excess income into the trust, effectively reducing their countable income while still providing financial support for their non-Medicaid spouse. The funds in the trust can be utilized to cover the non-Medicaid spouse's living expenses. It is important to note that establishing and managing a DC QIT requires compliance with specific rules and regulations set by the District of Columbia Medicaid program. These regulations may include limitations on the amount of income that can be deposited into the trust, reporting requirements, and restrictions on how the trust funds can be used. Overall, the District of Columbia Qualified Income Miller Trust serves as an invaluable financial planning tool for individuals who need Medicaid to cover their long-term care costs but have excess income that disqualifies them from eligibility. By establishing a DC QIT, individuals can strategically reduce their income and gain access to the vital Medicaid benefits they require.
