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 King's New York Qualified Income Miller Trust, also referred to as the ANY QI Miller Trust, is a specialized financial arrangement designed to help individuals in New York with chronic illnesses or disabilities qualify for Medicaid benefits while still possessing excess income. This trust serves as a legal tool to establish eligibility for Medicaid by effectively reducing and allocating income to cover specific medical and care-related expenses. The ANY QI Miller Trust is available in different types to cater to the unique needs and financial circumstances of individuals. The common types include: 1. Income-Only Qualified Income Miller Trust: This type of trust focuses solely on the allocation of excess income to pay for medical care, nursing home costs, or other health-related expenses, allowing individuals to meet Medicaid eligibility requirements. 2. Supplemental Needs Qualified Income Miller Trust: In addition to covering medical expenses, this variant allows funds from the trust to be used for the beneficiary's supplemental needs, such as personal items, clothing, or recreation, without compromising their Medicaid eligibility. 3. Pooled Income Qualified Income Miller Trust: Pooled trust options aggregate the funds of multiple beneficiaries into a single trust account managed by a non-profit organization. This enables individuals to allocate their excess income towards their medical costs while benefiting from professional management and investment options. 4. Community Medicaid Qualified Income Miller Trust: This specific trust is designed to assist individuals who wish to receive long-term healthcare services and support in a community-based setting, such as at home or in an assisted living facility, rather than in a nursing home. By strategically allocating income into an ANY QI Miller Trust, individuals can effectively bring their income levels within the eligibility limits set by New York Medicaid. This trust is a valuable tool for those whose excessive income would otherwise disqualify them from receiving vital Medicaid assistance for necessary medical care and services. Note: It is essential to consult with an experienced attorney or financial advisor who specializes in Medicaid planning to determine the most appropriate type of Kings New York Qualified Income Miller Trust based on an individual's specific circumstances.The King's New York Qualified Income Miller Trust, also referred to as the ANY QI Miller Trust, is a specialized financial arrangement designed to help individuals in New York with chronic illnesses or disabilities qualify for Medicaid benefits while still possessing excess income. This trust serves as a legal tool to establish eligibility for Medicaid by effectively reducing and allocating income to cover specific medical and care-related expenses. The ANY QI Miller Trust is available in different types to cater to the unique needs and financial circumstances of individuals. The common types include: 1. Income-Only Qualified Income Miller Trust: This type of trust focuses solely on the allocation of excess income to pay for medical care, nursing home costs, or other health-related expenses, allowing individuals to meet Medicaid eligibility requirements. 2. Supplemental Needs Qualified Income Miller Trust: In addition to covering medical expenses, this variant allows funds from the trust to be used for the beneficiary's supplemental needs, such as personal items, clothing, or recreation, without compromising their Medicaid eligibility. 3. Pooled Income Qualified Income Miller Trust: Pooled trust options aggregate the funds of multiple beneficiaries into a single trust account managed by a non-profit organization. This enables individuals to allocate their excess income towards their medical costs while benefiting from professional management and investment options. 4. Community Medicaid Qualified Income Miller Trust: This specific trust is designed to assist individuals who wish to receive long-term healthcare services and support in a community-based setting, such as at home or in an assisted living facility, rather than in a nursing home. By strategically allocating income into an ANY QI Miller Trust, individuals can effectively bring their income levels within the eligibility limits set by New York Medicaid. This trust is a valuable tool for those whose excessive income would otherwise disqualify them from receiving vital Medicaid assistance for necessary medical care and services. Note: It is essential to consult with an experienced attorney or financial advisor who specializes in Medicaid planning to determine the most appropriate type of Kings New York Qualified Income Miller Trust based on an individual's specific circumstances.
