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.
New Hampshire Qualified Income Miller Trust, also known as a QUIT, is a legal financial arrangement designed to help individuals meet the eligibility requirements for Medicaid long-term care benefits in the state of New Hampshire. It is specifically designed for individuals who have excess income that exceeds the Medicaid threshold. A Qualified Income Miller Trust is established when an individual's income exceeds the maximum limit set by Medicaid, currently $2,382 per month in 2022 for one person. By creating a QUIT, the excess income is directed into the trust, effectively reducing an individual's countable income to the Medicaid eligibility level. There are three main types of New Hampshire Qualified Income Miller Trusts: 1. Sole Benefit Trust (SMT): This type of trust is established solely for the benefit of the individual who creates it. Income deposited into the trust is used to fulfill the individual's personal needs and support expenses while still maintaining Medicaid eligibility. 2. Family Maximum Benefit Trust (MBT): A Family Maximum Benefit Trust is established for the sole benefit of the Medicaid recipient, as well as their spouse and any dependents living under the same roof. The income is utilized to support the needs of the Medicaid recipient and their eligible family members while maintaining Medicaid eligibility. 3. Non-Sole Benefit Trust (SBT): This type of trust is created with the intent of benefiting both the Medicaid recipient and other individuals within the trust, such as a disabled child or a dependent family member. Income deposited into the trust is used to support the needs of both the Medicaid recipient and the intended beneficiaries without affecting Medicaid eligibility. The primary purpose of a Qualified Income Miller Trust is to help individuals, whose income would otherwise disqualify them from Medicaid, qualify for long-term care benefits. In New Hampshire, this trust serves as a crucial tool to ensure that eligible individuals can receive the necessary Medicaid support while still being able to utilize their excess income to cover essential living expenses. By utilizing a Qualified Income Miller Trust, individuals in New Hampshire can effectively manage their income to alleviate the financial burden of long-term care, secure necessary medical assistance, and maintain eligibility for Medicaid benefits.New Hampshire Qualified Income Miller Trust, also known as a QUIT, is a legal financial arrangement designed to help individuals meet the eligibility requirements for Medicaid long-term care benefits in the state of New Hampshire. It is specifically designed for individuals who have excess income that exceeds the Medicaid threshold. A Qualified Income Miller Trust is established when an individual's income exceeds the maximum limit set by Medicaid, currently $2,382 per month in 2022 for one person. By creating a QUIT, the excess income is directed into the trust, effectively reducing an individual's countable income to the Medicaid eligibility level. There are three main types of New Hampshire Qualified Income Miller Trusts: 1. Sole Benefit Trust (SMT): This type of trust is established solely for the benefit of the individual who creates it. Income deposited into the trust is used to fulfill the individual's personal needs and support expenses while still maintaining Medicaid eligibility. 2. Family Maximum Benefit Trust (MBT): A Family Maximum Benefit Trust is established for the sole benefit of the Medicaid recipient, as well as their spouse and any dependents living under the same roof. The income is utilized to support the needs of the Medicaid recipient and their eligible family members while maintaining Medicaid eligibility. 3. Non-Sole Benefit Trust (SBT): This type of trust is created with the intent of benefiting both the Medicaid recipient and other individuals within the trust, such as a disabled child or a dependent family member. Income deposited into the trust is used to support the needs of both the Medicaid recipient and the intended beneficiaries without affecting Medicaid eligibility. The primary purpose of a Qualified Income Miller Trust is to help individuals, whose income would otherwise disqualify them from Medicaid, qualify for long-term care benefits. In New Hampshire, this trust serves as a crucial tool to ensure that eligible individuals can receive the necessary Medicaid support while still being able to utilize their excess income to cover essential living expenses. By utilizing a Qualified Income Miller Trust, individuals in New Hampshire can effectively manage their income to alleviate the financial burden of long-term care, secure necessary medical assistance, and maintain eligibility for Medicaid benefits.
