A Miller Trust is a tool that can be used to spend down income in order for an individual in a retirement home to qualify for Medicaid. There are some very stringent restrictions on setting up Miller Trusts so it is in your best interests to work with a Conroe miller trust attorney if you are considering doing so.
What Is a Miller Trust?
A Miller Trust is established by Texas Title 19, and allows for setting up a trust to, in essence, spend down one's income in order to qualify for Medicaid. It is not, then, a special needs trust by its true definition or use. What is at issue is that pensions rarely enable a person to pay for retirement living in a facility. Medicaid provides much needed financial assistance that enables seniors who otherwise would not qualify to live in retirement homes.
The downside to Medicaid is that it is a needs-based program. As such, it is assumed that the recipient has little or no income. Your Conroe miller trust attorney will help you set the Miller Trust up, but you need to keep in mind that there are many restrictions, a few of which are:
- You can only place Social Security, pensions, and other income meeting Title 19 standards into the trust.
- You must place the entire amount of such income in the trust. For instance, you cannot place a percentage of your Social Security in the trust.
When Do I Need a Miller Trust?
You will need a Miller Trust, then, the first month your income exceeds state limits for Medicaid. Check with your Conroe miller trust attorney for the most up to date amount. In 2009 the income limit was $2,022.
Call a Miller Trust Attorney for Help
If you need to set up a Miller Trust, or have another estate planning question, call a miller trust attorney today. Call Peterson Law Group at 979-703-7014 or 936-337-4681.
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