What is a Miller Trust
A Miller Trust, otherwise known as a Qualified Income Trust, is a government benefit planning tool used to manage an applicant’s income. They are used when a Medicaid applicant has too much income to qualify for Medicaid but not enough to pay for nursing home care or other long-term care costs.. If the long-term care facility or the local Division of Family Resources suggests that you require or would benefit from a Miller Trust, it is a good idea to seek out an Elder Law Attorney for help. Lawyers at Yoder, Kraus, and Jessup, PC, serving Northeast Indiana with offices in Kendallville, Albion, and Auburn, are experienced Medicaid Planners and are prepared to assist you with Miller Trusts and other Elder Law related matters.
Creating a Miller Trust
The creation of a Miller Trust is an art; its terms must be exact to function properly. Not all banks are willing to create a corresponding Trust account, and each bank has its own creation procedure. This process can cause headaches for those trying to create a Miller Trust without the assistance of Counsel.
When to Use a Miller Trust
Miller Trusts are not appropriate in all situations and are most commonly used when an applicant is over an income threshold. Excess income is held in the Trust, must be spent within a certain period of time, and must be applied only to specific expenditures. The rules are extremely complex, and non-compliance can cause denial of benefits.
Get Help From a Lawyer
Save yourself the headache and let experienced Elder Law and Medicaid Planning lawyers at Yoder, Kraus & Jessup, PC guide you through the creation and management of your Miller Trust and your Medicaid application.
About the Author
Kyle Gough is an Attorney licensed to practice law in Indiana. His practice is devoted to elder law, estate planning, business and corporate law, and transactions. Kyle is prepared to use his knowledge and experience to help you create and manage a Qualified Income Trust. To schedule an appointment with Kyle or any of the Lawyers at Yoder, Kraus & Jessup PC, refer to the contact information below.