Conroe Elder Law Attorney Explains Miller Trusts
Medicaid is a very useful provision for individuals who need financial assistance when they need to enter a nursing home. The cost of care in a facility for just a year exceeds any Social Security retirement payments, and is higher than most pensions. The downside of this joint federal and state program is that Medicaid eligibility in Conroe, Texas is predicated upon the recipient having few, if any, assets. Fortunately one has options beyond simply spending down assets in order to qualify. One of these is establishing a Miller Trust.
What Is a Miller Trust?
While generally categorized as a special needs trust, a Miller Trust is not really based on special needs, but on a provision in Texas Title 19 that allows for the establishing of a trust that follows certain guidelines.
Medicaid eligibility in Conroe, Texas through a Miller Trust entails restrictions on the sorts of assets that can be included. The only such assets that can be used to fund the trust are:
- Social Security payments
- Other income that meets the terms of Title 19
The Miller Trust cannot include other assets such as a home, bank accounts, investments, stocks, etc. The trust is only for income, and as such may be seen more as income protection rather than true asset protection. Other kinds of asset protection strategies are available for assets such as those described, perhaps chief among them the irrevocable trust.
In order to establish a Miller Trust that saves income yet provides Medicaid eligibility in Conroe, Texas, further restrictions do apply. For instance, one is not allowed simply to place a portion of Social Security or pension payments in the trust. The entire amount must be deposited. This is not to say that the income must go directly into the Miller Trust. It must be deposited within the calendar month when it was first received.
If You Have Questions
Should you have questions about setting up a Miller Trust, or have another concern regarding Medicaid eligibility in Conroe, Texas or the outlying communities, an attorney experienced in elder law at Peterson Law Group will be pleased to assist. Call today to discuss your needs at 936-337-4681.