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.
Fairfax Virginia Qualified Income Miller Trust is a specific type of trust established in the state of Virginia, United States. It is designed to help individuals who require long-term care and assistance, typically for seniors or those with disabilities, to qualify for Medicaid benefits while preserving their assets and income. This trust is governed by specific rules and regulations outlined by the state of Virginia. The Fairfax Virginia Qualified Income Miller Trust is primarily used to ensure that individuals with higher incomes can still qualify for Medicaid long-term care services. In order to be eligible for Medicaid, individuals need to meet certain income and asset limits. However, for those who surpass the income requirements, this trust can help them qualify for Medicaid coverage by effectively reducing their income. There are various types of Fairfax Virginia Qualified Income Miller Trusts which individuals can utilize based on their specific circumstances and needs. These may include: 1. Irrevocable Qualified Income Miller Trust: This type of trust cannot be revoked or amended once it is established. It is designed to transfer ownership and control of the assets placed within the trust to the trustee, who administers the trust on behalf of the beneficiary. 2. Revocable Qualified Income Miller Trust: Unlike the irrevocable trust, this type of trust can be altered, amended, or revoked by the granter (the person who establishes the trust) during his/her lifetime. However, upon the granter's death, the trust becomes irrevocable and operates according to the terms established. 3. Medicaid Asset Protection Trust: This is a type of Qualified Income Miller Trust that allows individuals to shield their assets from being counted as part of their Medicaid eligibility criteria. By transferring assets to this trust, the individual can retain some control and privacy while still meeting the Medicaid requirements. Overall, the Fairfax Virginia Qualified Income Miller Trust aims to assist individuals with higher incomes or significant assets in obtaining Medicaid coverage for long-term care services. It is important to consult with an experienced attorney or financial advisor familiar with Medicaid planning and the specific regulations in Fairfax, Virginia, to determine the most suitable type of trust based on individual needs and goals.Fairfax Virginia Qualified Income Miller Trust is a specific type of trust established in the state of Virginia, United States. It is designed to help individuals who require long-term care and assistance, typically for seniors or those with disabilities, to qualify for Medicaid benefits while preserving their assets and income. This trust is governed by specific rules and regulations outlined by the state of Virginia. The Fairfax Virginia Qualified Income Miller Trust is primarily used to ensure that individuals with higher incomes can still qualify for Medicaid long-term care services. In order to be eligible for Medicaid, individuals need to meet certain income and asset limits. However, for those who surpass the income requirements, this trust can help them qualify for Medicaid coverage by effectively reducing their income. There are various types of Fairfax Virginia Qualified Income Miller Trusts which individuals can utilize based on their specific circumstances and needs. These may include: 1. Irrevocable Qualified Income Miller Trust: This type of trust cannot be revoked or amended once it is established. It is designed to transfer ownership and control of the assets placed within the trust to the trustee, who administers the trust on behalf of the beneficiary. 2. Revocable Qualified Income Miller Trust: Unlike the irrevocable trust, this type of trust can be altered, amended, or revoked by the granter (the person who establishes the trust) during his/her lifetime. However, upon the granter's death, the trust becomes irrevocable and operates according to the terms established. 3. Medicaid Asset Protection Trust: This is a type of Qualified Income Miller Trust that allows individuals to shield their assets from being counted as part of their Medicaid eligibility criteria. By transferring assets to this trust, the individual can retain some control and privacy while still meeting the Medicaid requirements. Overall, the Fairfax Virginia Qualified Income Miller Trust aims to assist individuals with higher incomes or significant assets in obtaining Medicaid coverage for long-term care services. It is important to consult with an experienced attorney or financial advisor familiar with Medicaid planning and the specific regulations in Fairfax, Virginia, to determine the most suitable type of trust based on individual needs and goals.
