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.
Missouri Qualified Income Miller Trust, also known as QIT, is a specialized trust designed to help individuals in Missouri who need long-term care assistance but have income above the Medicaid limit. This trust allows them to qualify for Medicaid benefits while preserving their excess income for personal needs. The QIT operates based on specific guidelines laid out by the Missouri Department of Social Services (DSS). It is intended for individuals who are aged 65 or older, disabled, or blind, and require Medicaid assistance for nursing home care or other long-term care services. The primary purpose of a Missouri Qualified Income Miller Trust is to divert the excess income of the beneficiary into the trust, bringing their income within the Medicaid eligibility limits. This excess income can include pensions, Social Security benefits, annuities, or any other regular income sources. To establish a Qualified Income Miller Trust in Missouri, the individual or their legal representative must create the trust and designate a trustee to manage it. The trustee can be a family member, a friend, or a professional entity. However, it is crucial to choose a trustworthy and responsible individual as the trustee since they will be responsible for managing the trust and ensuring compliance with Medicaid regulations. There are different types of Qualified Income Miller Trusts available in Missouri: 1. Individual Trust: This type of QIT is established for a single individual who needs Medicaid assistance for long-term care services. 2. Spousal Trust: In cases where one spouse requires long-term care, and the other remains in the community, a spousal trust can be created to protect the income of the community spouse. The spousal trust allows the community spouse to retain a portion of the Medicaid applicant's income for their living expenses. 3. Pooled Trust: A Pooled Income Trust is an option for individuals over the age of 65 or with disabilities. It allows participants to pool their income into a trust managed by a nonprofit organization. This type of trust provides added benefits, such as professional trustee management and investment options. 4. Medicaid Payback Trust: Once the beneficiary passes away, any remaining funds in the Qualified Income Miller Trust must be used to reimburse the state of Missouri for the Medicaid benefits received by the individual. This ensures that Medicaid funds are available for other eligible individuals. In conclusion, the Missouri Qualified Income Miller Trust is a valuable tool that enables individuals with excess income to qualify for Medicaid benefits while preserving a portion of their income for personal needs. By utilizing different types of Its, such as individual, spousal, pooled, or Medicaid payback trusts, Missourians can protect their income and receive the necessary long-term care support.
