WebJun 9, 2024 · A Miller Trust is an Irrevocable Income Trust that is required when an individual is applying for Delaware’s Long Term Care Medicaid program and the applicant receives more monthly income than the State of Delaware allows. Income is defined as Social Security, pension, rental and annuity payments. What is the benefit of a Miller trust? Webneeds a Miller trust 5 No Yes Is the resident a Medicaid Member? Yes No Miller trust not needed Does the resident’s income* exceed the SIL? ($2,163/month) Miller trust needed *The resident’s total countable income is equal to the sum all sources of income including but not limited to: • For pension and/or Social Security income: gross

What Are the Uses for a Miller Trust? - HG.org

WebHow does a Miller Trust work? The Medicaid waiver applicant or recipient signs a trust agreement agreeing to each month place all income, or only the income that exceeds $2,022, into a separate bank account, labeled as a trust account. If all of the income is placed into the trust, then $2,022 of those funds WebThe Miller trust template provided by the State of Indiana meets these requirements. However, because a trust document is a legal document with legal consequences, it is a good idea to consult an attorney. Step 3: Set up a Miller trust account with a bank or credit union where income is deposited on a monthly basis. gabby \u0026 company palm coast florida

Miller Trusts and Special Needs Trusts Senior Planning - ALTCS

WebA Miller Trust (also known as a Qualified Income Trust) is designed to own income in order for an individual to get around Medicaid’s income caps. If you have income that exceeds … WebA qualified income trust will reduce your income levels to below the applicable limit, allowing you to use Medicaid to cover your long-term care costs. Not everyone will benefit from a … gabby\u0027s 152 tortilla street