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 Hennepin County Qualified Income Miller Trust is a specialized legal arrangement designed to help individuals in Minnesota who have excess income but still need to qualify for certain Medicaid benefits. This trust is commonly used for elderly or disabled individuals who require long-term care services and want to maintain their eligibility for Medicaid. The primary purpose of the Hennepin County Qualified Income Miller Trust is to protect an individual's excess income and ensure their eligibility for Medicaid by diverting the excess income into the trust. This allows the individual to still meet the income requirements for Medicaid, while the funds in the trust can be used to pay for various expenses, such as medical bills, long-term care services, or other necessary costs. Hennepin County offers two types of Qualified Income Miller Trusts: the Qualified Income Miller Trust (IMT) and the Qualified Income Disabled Trust (IDT). Both trusts serve the same purpose of preserving Medicaid eligibility, but they cater to different groups of individuals. The Qualified Income Miller Trust (IMT) is for elderly or disabled individuals who are eligible for Medicaid and have income exceeding the Medicaid limit. By establishing an IMT, individuals can transfer their excess income into the trust, ensuring they remain within Medicaid income limits and continue to receive essential medical and long-term care services covered by Medicaid. The Qualified Income Disabled Trust (IDT) is similar to the IMT but specifically designed for individuals with disabilities who do not meet the requirements for an IMT. Individuals qualifying for an IDT may not have a long-term care need that meets Medicaid criteria, but they still require assistance with medical expenses and often have income exceeding the Medicaid limits. Both types of Hennepin County Qualified Income Miller Trusts function by meeting the specific requirements set by the Minnesota Department of Human Services (DHS). These requirements include limiting the trust to only accepting income, establishing a beneficiary as the individual seeking Medicaid eligibility, and ensuring proper administration and reporting. In summary, the Hennepin County Qualified Income Miller Trust is a crucial tool for individuals in Minnesota who need to maintain Medicaid eligibility while having excess income. Whether it's the IMT or IDT, these trusts provide a legal solution to protect one's income while still receiving the necessary medical and long-term care services covered by Medicaid.The Hennepin County Qualified Income Miller Trust is a specialized legal arrangement designed to help individuals in Minnesota who have excess income but still need to qualify for certain Medicaid benefits. This trust is commonly used for elderly or disabled individuals who require long-term care services and want to maintain their eligibility for Medicaid. The primary purpose of the Hennepin County Qualified Income Miller Trust is to protect an individual's excess income and ensure their eligibility for Medicaid by diverting the excess income into the trust. This allows the individual to still meet the income requirements for Medicaid, while the funds in the trust can be used to pay for various expenses, such as medical bills, long-term care services, or other necessary costs. Hennepin County offers two types of Qualified Income Miller Trusts: the Qualified Income Miller Trust (IMT) and the Qualified Income Disabled Trust (IDT). Both trusts serve the same purpose of preserving Medicaid eligibility, but they cater to different groups of individuals. The Qualified Income Miller Trust (IMT) is for elderly or disabled individuals who are eligible for Medicaid and have income exceeding the Medicaid limit. By establishing an IMT, individuals can transfer their excess income into the trust, ensuring they remain within Medicaid income limits and continue to receive essential medical and long-term care services covered by Medicaid. The Qualified Income Disabled Trust (IDT) is similar to the IMT but specifically designed for individuals with disabilities who do not meet the requirements for an IMT. Individuals qualifying for an IDT may not have a long-term care need that meets Medicaid criteria, but they still require assistance with medical expenses and often have income exceeding the Medicaid limits. Both types of Hennepin County Qualified Income Miller Trusts function by meeting the specific requirements set by the Minnesota Department of Human Services (DHS). These requirements include limiting the trust to only accepting income, establishing a beneficiary as the individual seeking Medicaid eligibility, and ensuring proper administration and reporting. In summary, the Hennepin County Qualified Income Miller Trust is a crucial tool for individuals in Minnesota who need to maintain Medicaid eligibility while having excess income. Whether it's the IMT or IDT, these trusts provide a legal solution to protect one's income while still receiving the necessary medical and long-term care services covered by Medicaid.
