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.
A Guam Qualified Income Miller Trust (QI MT) is a legal arrangement specifically designed to help individuals who have income over the Medicaid eligibility limit qualify for long-term care benefits in the US territory of Guam. It is a type of special needs trust that aims to protect the income of the trust beneficiary while still allowing them to access necessary healthcare services. The Guam QI MT operates by placing the excess income of the trust beneficiary into a qualified trust account, ensuring that the income is not counted for Medicaid eligibility purposes. This allows individuals with high incomes to still qualify for Medicaid long-term care benefits, even if they would otherwise be ineligible. There are two main types of Guam QI MT's: 1. First-Party Guam QI MT: Also known as a "self-settled" trust, this type of QI MT is established using the individual's own income and assets to fund the trust. It is commonly used by individuals who receive Medicaid but have an excess of income that would disqualify them. By transferring the excess income into the trust, they can maintain their Medicaid eligibility while still utilizing their income for medical expenses and personal needs. 2. Third-Party Guam QI MT: This type of trust is created by third parties, such as family members or friends, on behalf of the trust beneficiary. It allows third parties to provide financial support for a Medicaid recipient while keeping their income within the eligibility limits. The assets in this type of trust are typically assets gifted or granted to the beneficiary by others. In summary, a Guam Qualified Income Miller Trust is a valuable legal tool for individuals in Guam with high incomes who wish to qualify for Medicaid long-term care benefits. Whether it's a first-party or third-party trust, the goal is to protect excess income while ensuring access to necessary healthcare services.A Guam Qualified Income Miller Trust (QI MT) is a legal arrangement specifically designed to help individuals who have income over the Medicaid eligibility limit qualify for long-term care benefits in the US territory of Guam. It is a type of special needs trust that aims to protect the income of the trust beneficiary while still allowing them to access necessary healthcare services. The Guam QI MT operates by placing the excess income of the trust beneficiary into a qualified trust account, ensuring that the income is not counted for Medicaid eligibility purposes. This allows individuals with high incomes to still qualify for Medicaid long-term care benefits, even if they would otherwise be ineligible. There are two main types of Guam QI MT's: 1. First-Party Guam QI MT: Also known as a "self-settled" trust, this type of QI MT is established using the individual's own income and assets to fund the trust. It is commonly used by individuals who receive Medicaid but have an excess of income that would disqualify them. By transferring the excess income into the trust, they can maintain their Medicaid eligibility while still utilizing their income for medical expenses and personal needs. 2. Third-Party Guam QI MT: This type of trust is created by third parties, such as family members or friends, on behalf of the trust beneficiary. It allows third parties to provide financial support for a Medicaid recipient while keeping their income within the eligibility limits. The assets in this type of trust are typically assets gifted or granted to the beneficiary by others. In summary, a Guam Qualified Income Miller Trust is a valuable legal tool for individuals in Guam with high incomes who wish to qualify for Medicaid long-term care benefits. Whether it's a first-party or third-party trust, the goal is to protect excess income while ensuring access to necessary healthcare services.
