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 Hawaii Qualified Income Miller Trust (IMT) is a legal trust established in the state of Hawaii to help individuals qualify for Medicaid benefits while maintaining their income eligibility. This special trust is specifically designed for individuals who have excess income (above the income limit set by Medicaid) but still require Medicaid coverage to pay for long-term care services. By placing their excess income into an IMT, individuals can meet Medicaid's income requirements and receive the necessary medical assistance. The Hawaii IMT operates in compliance with federal and state Medicaid laws, which outline specific guidelines and eligibility criteria. Broadly speaking, an IMT in Hawaii is a type of irrevocable trust that allows individuals to transfer their excess income into the trust, making it inaccessible for personal use. Instead, the funds in the trust are utilized to pay certain medical expenses or to satisfy a Maintenance Needs Allowance (MNA) for the non-institutionalized spouse. Different types of Hawaii Qualified Income Miller Trusts can include: 1. Solely for the Benefit of the Institutionalized Individual (SBI): This type of IMT is established when the Medicaid beneficiary has a spouse who is not living in an institution (e.g., a nursing home). The trust's income is utilized to meet the Minimum Monthly Maintenance Needs Allowance (MM MNA) of the non-institutionalized spouse. 2. Solely for the Benefit of the Institutionalized Individual with Income to the Community Spouse (SMIC): Similar to SBI, this type of IMT is set up to assist the institutionalized individual while still providing some income to the non-institutionalized spouse. The trust's income is used to bridge the income gap required to meet the MM MNA. 3. Solely for the Benefit of the Institutionalized Individual with Income to a Dependent (SM BID): This type of IMT is created when there are dependent children or other dependents who rely on the income of the institutionalized individual. The trust's income is directed towards supporting the dependents while allowing the individual to qualify for Medicaid coverage. Overall, a Hawaii Qualified Income Miller Trust is an essential tool for individuals who have income exceeding the Medicaid limit but still require long-term care services. By utilizing this trust, individuals can preserve their eligibility for Medicaid benefits, ensuring they receive the necessary medical assistance without depleting their excess income. It is crucial to consult with a knowledgeable attorney or financial advisor experienced in Medicaid planning to establish and manage an IMT effectively.A Hawaii Qualified Income Miller Trust (IMT) is a legal trust established in the state of Hawaii to help individuals qualify for Medicaid benefits while maintaining their income eligibility. This special trust is specifically designed for individuals who have excess income (above the income limit set by Medicaid) but still require Medicaid coverage to pay for long-term care services. By placing their excess income into an IMT, individuals can meet Medicaid's income requirements and receive the necessary medical assistance. The Hawaii IMT operates in compliance with federal and state Medicaid laws, which outline specific guidelines and eligibility criteria. Broadly speaking, an IMT in Hawaii is a type of irrevocable trust that allows individuals to transfer their excess income into the trust, making it inaccessible for personal use. Instead, the funds in the trust are utilized to pay certain medical expenses or to satisfy a Maintenance Needs Allowance (MNA) for the non-institutionalized spouse. Different types of Hawaii Qualified Income Miller Trusts can include: 1. Solely for the Benefit of the Institutionalized Individual (SBI): This type of IMT is established when the Medicaid beneficiary has a spouse who is not living in an institution (e.g., a nursing home). The trust's income is utilized to meet the Minimum Monthly Maintenance Needs Allowance (MM MNA) of the non-institutionalized spouse. 2. Solely for the Benefit of the Institutionalized Individual with Income to the Community Spouse (SMIC): Similar to SBI, this type of IMT is set up to assist the institutionalized individual while still providing some income to the non-institutionalized spouse. The trust's income is used to bridge the income gap required to meet the MM MNA. 3. Solely for the Benefit of the Institutionalized Individual with Income to a Dependent (SM BID): This type of IMT is created when there are dependent children or other dependents who rely on the income of the institutionalized individual. The trust's income is directed towards supporting the dependents while allowing the individual to qualify for Medicaid coverage. Overall, a Hawaii Qualified Income Miller Trust is an essential tool for individuals who have income exceeding the Medicaid limit but still require long-term care services. By utilizing this trust, individuals can preserve their eligibility for Medicaid benefits, ensuring they receive the necessary medical assistance without depleting their excess income. It is crucial to consult with a knowledgeable attorney or financial advisor experienced in Medicaid planning to establish and manage an IMT effectively.
