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.
Indiana Qualified Income Miller Trust, also known as a Miller Trust, is a specialized type of trust established to help individuals in Indiana qualify for Medicaid benefits while still maintaining their eligibility for long-term care services. This trust is primarily designed for individuals with high income levels whose income exceeds the Medicaid eligibility threshold. The purpose of an Indiana Qualified Income Miller Trust is to divert a person's excess income into the trust, effectively reducing their countable income and allowing them to meet Medicaid's income criteria. By establishing such a trust, individuals can access the necessary healthcare services provided under Medicaid without exhausting their financial resources. Key features of an Indiana Qualified Income Miller Trust include: 1. Income Diversion: This type of trust is specifically designed to divert excess income above the Medicaid eligibility limit into the trust account. 2. Irrevocable Trust: The Indiana Qualified Income Miller Trust is an irrevocable trust, meaning that once established, the trust cannot be modified or terminated without legal procedures. 3. Trustee Management: The trust is managed by a designated trustee who handles the distribution of funds and ensures compliance with Medicaid regulations. 4. Payments for Medical and Long-Term Care Services: The funds in the trust are solely used to pay for medical bills, healthcare services, and long-term care costs not covered by Medicaid. 5. Medicaid Eligibility Maintenance: By diverting excess income into the trust, individuals can maintain their Medicaid eligibility while utilizing their income for necessary care expenses. Different types of Indiana Qualified Income Miller Trust include: 1. Individual Miller Trust: This trust is established for individuals who are seeking Medicaid benefits for long-term care services and have income exceeding the eligibility threshold. 2. Married Couple Miller Trust: This trust is specifically designed for married couples with one spouse requiring long-term care services. It enables the spouse who does not need Medicaid benefits to have a separate income while ensuring the spouse receiving care qualifies for Medicaid. 3. Pooled Miller Trust: A pooled trust is a variation of the Miller Trust where multiple individuals contribute their excess income into a single trust managed by a nonprofit organization. This allows individuals to pool their resources for even greater care options and financial management. In summary, an Indiana Qualified Income Miller Trust is a valuable tool for individuals in Indiana who exceed the income eligibility limit for Medicaid but still require long-term care services. By diverting excess income into the trust account, individuals can maintain their Medicaid eligibility while utilizing their income to cover necessary healthcare expenses. The different types of Miller Trusts cater to specific situations, including individuals, married couples, and those who wish to join a pooled trust.
