Helpful information on Setting Up a Miller Trust

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The elderly citizens are ordinarily entitled to one or more federal benefit programs together with group security and medical care. The medical care benefit is in the form of the Medicaid program, and all seniors above the age of 65 can apply for the same. However, there are some exceptions that may make one not qualify for the same. For example, there are cases where the applicant's income is more than the valid estimate for Medicaid eligibility. In such a case, a excellent income trust has to be created with the applicant's income so as to make them eligible for long term nursing home care benefits. This instrument is also called a Miller trust and it is an irrevocable trust.

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In order to set up a Miller trust, it is advisable to enlist the services of an elder law attorney to cope the fine details. The extra income of the Medicaid applicant that is above the eligibility criteria is put in the trust, and person else, not the applicant, is appointed the trustee. The trust income will be disposed of agreeing to the relevant state's group that handles family services after the elderly person's application for Medicaid has been approved. The applicant is ordinarily allowed to maintain a inevitable estimate of the income, and he/she is allowed to divert some of the income to the spouse if the spouse's income falls below a inevitable estimate set by the state.

The elderly person can also select to use the excess income that he/she gets from the Miller trust to pay a fixed estimate towards his/her nursing home care. In case there are excess funds in the account after the applicant passes away, the state's Medicaid is entitled to refund from those funds. The whole process sounds very complicated, which is why the services of a well excellent and experienced elder law attorney are vital in this situation. The lawyer will not only help in setting up the trust, but he/she will also expound all things in detail for the applicant to understand the process.

The Miller trust may be created by the applicant, if the applicant is competent to do so. It can also be created by the spouse, if the applicant has one, and the spouse is competent to do so. The applicant can also give durable power of attorney to his/her chosen attorney, who will set up the trust as the attorney-in-fact. In case none of the conditions above is in existence, a court proceeding will have to be held to give authority to originate a excellent income trust. This trust must be properly managed, and payments have to be made monthly in order for it to remain eligible. There are also definite rules governing the trust that must be followed.

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