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 San Bernardino California Qualified Income Miller Trust is a legal instrument that allows individuals to qualify for Medicaid benefits while their income exceeds the state's eligibility limits. This trust is specifically designed to assist residents of San Bernardino, California, who have high incomes but require long-term care or medical assistance. The primary purpose of the San Bernardino California Qualified Income Miller Trust is to shelter excess income for individuals who would otherwise be ineligible for Medicaid due to their income levels. By establishing this trust, the excess income is deposited into the trust account and does not count towards the individual's eligibility determination. This ensures that they can still receive essential Medicaid benefits such as long-term care services and medical assistance. There are different types of San Bernardino California Qualified Income Miller Trust, depending on the specific needs and circumstances of the individual. Some common types include: 1. Revocable Income Miller Trust: This type of trust allows the granter to retain control over the assets held in the trust. They can make changes or revoke the trust at any time. 2. Irrevocable Income Miller Trust: In contrast to the revocable trust, an irrevocable trust cannot be changed or revoked once it is established. This type of trust offers more protection and security for the assets. Overall, the San Bernardino California Qualified Income Miller Trust is an effective legal solution for individuals who have high incomes but require Medicaid benefits. It provides a means to meet the income eligibility criteria, ensuring that they can access necessary medical and long-term care services without facing financial hardships.The San Bernardino California Qualified Income Miller Trust is a legal instrument that allows individuals to qualify for Medicaid benefits while their income exceeds the state's eligibility limits. This trust is specifically designed to assist residents of San Bernardino, California, who have high incomes but require long-term care or medical assistance. The primary purpose of the San Bernardino California Qualified Income Miller Trust is to shelter excess income for individuals who would otherwise be ineligible for Medicaid due to their income levels. By establishing this trust, the excess income is deposited into the trust account and does not count towards the individual's eligibility determination. This ensures that they can still receive essential Medicaid benefits such as long-term care services and medical assistance. There are different types of San Bernardino California Qualified Income Miller Trust, depending on the specific needs and circumstances of the individual. Some common types include: 1. Revocable Income Miller Trust: This type of trust allows the granter to retain control over the assets held in the trust. They can make changes or revoke the trust at any time. 2. Irrevocable Income Miller Trust: In contrast to the revocable trust, an irrevocable trust cannot be changed or revoked once it is established. This type of trust offers more protection and security for the assets. Overall, the San Bernardino California Qualified Income Miller Trust is an effective legal solution for individuals who have high incomes but require Medicaid benefits. It provides a means to meet the income eligibility criteria, ensuring that they can access necessary medical and long-term care services without facing financial hardships.
