Used With Your Medicaid Planning, A Miller Trust Looks At Using Excess Income To Fund Your Long Term Care.
This type of trust can be used in a variety of ways to make sure you can fund your Medicaid needs but make sure it is used in a way that conforms to the state’s eligibility laws.
HOW TO USE MILLER TRUSTS IN YOUR PLAN.
Look at the Connection To Medicaid.
In exploring this tool, we want to solve the fundamental problem of income limits. In states like Indiana that have Income Caps, you as an elder in your 50s or 60s or the adult children planning with your elderly parents, need to know that even if you or they are medically eligible qualified for Medicare, you might still be disqualified for your income.
When you start the process to create the ideal setup to have long-term care, you have to look at how trusts work. We will first look at what a Qualified Income Trust (also known as a Miller Trust) and how to utilize such trusts that would influence the way resources are used as well as the control of such resources or income.
What Is A Miller Trust: An irrevocable, income only trust that houses excess income of Medicaid recipients. As we will cover below, how this income is spent dramatically depends on the recipient’s needs.
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TOP WAYS TO LOOK AT MILLER TRUSTS
Start With Why They Exist.
In these Income Cap states, you would be limited to the type of ways you could utilize your benefits. Think about if you had to use between an assisted living or nursing home even you medically you needed one more than the other but didn’t have a choice. This is why its such an important type of planning item to discuss with your Indianapolis elder law attorneys like Jeff Jinks Law.
When creating Miller Trusts, the actual provisions will dictate the best ways on executing it for your needs such as :
- Being Irrevocable
- Have A Trustee separate from the Medicaid Receipt
- Only contain income and no other resources
CREATING A MILLER TRUST: THE STEPS
Suitability, Institution Choice & Creation Are Key.
When looking at how this can be created for you or your elderly parent, our elder law attorneys that serve clients throughout Indiana look at the following in detail:
- Suitability: Look at your income limits against Indiana’s Medicaid income limits.
- Institution: Discussing with your bank or credit union on how a trust can be funded is necessary.
- Creation: Templates or Custom Draft documents for your Miller Trust will be completed.
- Execution: Your trust would then be sent to the county you live in to be on file.
- Maintenance: All income that will be placed in the trust will need records.
HOW TO APPROACH MILLER TRUSTS
MILLER TRUSTS ARE JUST ONE PIECE OF THE ELDER LAW PUZZLE WE WILL DISCUSS.
When it comes to your individual situation, you might be a single person or married which may or may not affect the income you are both creating. Whether its Social Security, Pension payments, Annuities or other types of income, how the Miller Trust is created and what can be paid matters.
This could include items such as spousal maintenance, health care costs, personal needs or a cost share that gets paid directly to the nursing home you are staying at.
Contact Our Indianapolis Elder Law Attorneys To Discuss Miller Trusts Today!
There may or may not be a need for you to use a Miller Trust but it pays dividends to discuss with an attorney how to create and execute one if Medicaid eligibility is a concern.
To schedule Miller Trusts in more detail, please contact an Indiana elder law attorney from our firm today!
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