A Miller Trust is an irrevocable trust created by the person who receives Medicaid benefits and designed to pay for qualified long-term care. The individual puts assets into the trust, and when they are no longer eligible for Medicaid, their beneficiaries can use those assets for the intended purpose of paying for long-term care services.
It is created for the benefit of a disabled person who needs assistance with managing their finances. The trustee of a Miller trust is typically a bank or other financial institution. You can attend reliable ALTCS & miller trust counseling in Arizona for you and your family needs.
The purpose of a Miller trust is to allow a disabled person to qualify for government benefits, such as Medicaid, that they would otherwise not be eligible for because their income exceeds the program's limit. By placing their income into the trust, the disabled person can reduce their countable income and become eligible for benefits.
Income that is placed into a Miller trust is not taxed, and any assets in the trust are exempt from Medicaid spend-down requirements. The trustee has discretion over how to use the income in the trust, but must use it for the benefit of the disabled person.
If you are considering creating a Miller trust, you should speak with an experienced trusts and estates attorney to learn more about how they work and whether they are right for your situation.