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.
The Alameda California Qualified Income Miller Trust, also known as a QI Miller Trust, is a financial instrument used to help individuals who need long-term care but have income exceeding the Medicaid eligibility threshold. This trust allows qualifying individuals to meet the income requirements necessary to receive Medicaid benefits. The purpose of a QI Miller Trust is to help individuals with a high income level reduce their income to the level required to qualify for Medicaid. Medicaid is a federal and state program that provides health insurance to people with low income, including those who are elderly, disabled, or have high medical expenses. In Alameda, California, the QI Miller Trust comes in different types, depending on the specific needs of the individual. Some common types of Alameda California QI Miller Trusts include: 1. Income-Only QI Miller Trust: This type of trust accepts only income as a means to fund the trust. It is an irrevocable trust that allows the individual to transfer income into the trust while maintaining Medicaid eligibility. 2. Asset Protection QI Miller Trust: Unlike the Income-Only trust, this type of trust allows the individual to transfer both income and assets into the trust. It provides additional asset protection and helps with qualifying for Medicaid. 3. Pooled Trusts: These trusts are administered by nonprofit organizations and pool the resources of multiple beneficiaries to form a trust fund. Pooled trusts are useful for individuals who do not have a suitable trustee or who have a small amount of assets or income. 4. Special Needs Trusts: Although not specifically designated as "QI Miller Trusts," special needs trusts can also help individuals who need long-term care while preserving Medicaid eligibility. These trusts are designed to supplement, not supplant, government benefits. It's important to note that the requirements and regulations regarding QI Miller Trusts may vary in different states and counties within California. Consulting with an experienced attorney or financial advisor who specializes in Medicaid and trust planning is highly recommended ensuring compliance with the specific rules governing Alameda, California.The Alameda California Qualified Income Miller Trust, also known as a QI Miller Trust, is a financial instrument used to help individuals who need long-term care but have income exceeding the Medicaid eligibility threshold. This trust allows qualifying individuals to meet the income requirements necessary to receive Medicaid benefits. The purpose of a QI Miller Trust is to help individuals with a high income level reduce their income to the level required to qualify for Medicaid. Medicaid is a federal and state program that provides health insurance to people with low income, including those who are elderly, disabled, or have high medical expenses. In Alameda, California, the QI Miller Trust comes in different types, depending on the specific needs of the individual. Some common types of Alameda California QI Miller Trusts include: 1. Income-Only QI Miller Trust: This type of trust accepts only income as a means to fund the trust. It is an irrevocable trust that allows the individual to transfer income into the trust while maintaining Medicaid eligibility. 2. Asset Protection QI Miller Trust: Unlike the Income-Only trust, this type of trust allows the individual to transfer both income and assets into the trust. It provides additional asset protection and helps with qualifying for Medicaid. 3. Pooled Trusts: These trusts are administered by nonprofit organizations and pool the resources of multiple beneficiaries to form a trust fund. Pooled trusts are useful for individuals who do not have a suitable trustee or who have a small amount of assets or income. 4. Special Needs Trusts: Although not specifically designated as "QI Miller Trusts," special needs trusts can also help individuals who need long-term care while preserving Medicaid eligibility. These trusts are designed to supplement, not supplant, government benefits. It's important to note that the requirements and regulations regarding QI Miller Trusts may vary in different states and counties within California. Consulting with an experienced attorney or financial advisor who specializes in Medicaid and trust planning is highly recommended ensuring compliance with the specific rules governing Alameda, California.
