Miller Trust Lawyer in Waco
ASSISTANCE FROM WACO, GEORGETOWN AND CENTRAL TEXAS ATTORNEYS
In the state of Texas, qualified income trusts provides high-income applicants a means of qualifying for Medicaid if they do not have sufficient funds for the care they require. Money in the trust account is used to cover a part of care costs.
We want to ease your anxiety and address your specific concerns. Get in touch with our Waco Miller Trust lawyers today at (254) 457-5083.
UNDERSTANDING HOW QUALIFIED INCOME TRUSTS WORK IN TEXAS
Qualified income trusts, also called Miller Trusts, are one tool to help the elderly in Texas qualify for Medicaid. Money from an individual or married couple’s income diverts into the trust, where it later pays the nursing home. The money in the trust is not included in the sum used to determine Medicaid eligibility.
The most important requirements that guide how Miller Trusts are drafted are:
- Irrevocability: Once the trust has been formed, it cannot be changed.
- Completeness: The trust must contain all funds received that would cause an individual to exceed the income cap and become ineligible for Medicaid.
- Reversion Clause: Upon the death of the applicant, the remaining trust funds are used to pay the State of Texas up to the amount of Medicaid assistance that was provided.
- Exclusivity: The trust can only contain the income of the individual or couple, no other funds.
After the Miller Trust is established, the patient’s income is deposited into the account every month. The nursing home of the applicant is paid from the Miller Trust funds. The patient is also entitled to a $60 per month allowance that he or she is able to spend in any manner.
PATIENT & PERSONALIZED LEGAL AID
If a Miller Trust is not properly prepared, you may be barred from receiving the Medicaid assistance you or your loved one requires. A Waco estate planning and probate attorney can ensure that your trust is created according to the necessary Texas and Medicaid guidelines. Rainey & Rainey will help you understand the way Miller Trusts work, how the care you require can be funded, and the best way you can prepare for the future.