Posted on March 10, 2023
What Are The Benefits Of A Miller Trust In Arizona?
A Miller Trust, also known as a Qualified Income Trust, is a legal trust designed to help people with disabilities qualify for Medicaid and other government assistance programs. The trust allows individuals who would otherwise be ineligible for Medicaid benefits due to their income level to receive assistance.
An income trust in Arizona functions similarly to a traditional trust. The beneficiary's income is deposited into the trust, which is then managed by a trustee. The trustee is responsible for ensuring that the funds are used exclusively for the beneficiary's medical and related care costs.
Any remaining funds in the trust are paid to the state, thereby allowing the beneficiary to qualify for Medicaid benefits. Miller Trusts are beneficial for individuals who have a high income but also have high medical expenses. They are typically used by seniors and individuals with disabilities who are unable to work due to their condition.
By setting up a Miller Trust, these individuals can qualify for Medicaid and other government assistance programs, even if their income exceeds the program’s eligibility requirements.
They allow individuals to receive Medicaid benefits without having to deplete their savings. This can help them retain some financial security and provide them with peace of mind. Additionally, Miller Trusts can help individuals save money by reducing the amount they would otherwise have to pay out-of-pocket for medical costs.