Miller Trusts, also known as Qualified Income Trusts, are a type of trust that can be used in long-term care planning. These trusts are designed to help individuals who are receiving Medicaid benefits to preserve their assets.
They allow individuals to qualify for Medicaid despite having income levels that exceed the program’s limits. If you are looking for Miller Trusts in Arizona then, you should check this website.
These Trusts work by allowing individuals to place their income into a trust account. The trust is then used to pay for the individual’s necessary living expenses, such as medical bills, housing costs, and food. Any income left over is then sent back to the individual. This allows individuals to qualify for Medicaid benefits, while still being able to maintain a level of financial stability.
These Trusts are a valuable tool for individuals who are looking to plan for their long-term care needs. They provide flexibility and allow individuals to maintain some control over how their income is used.
Miller Trusts can be used in conjunction with other long-term care planning strategies, such as creating an irrevocable trust or purchasing long-term care insurance. They are an important tool that can help individuals preserve their assets and provide for their long-term care needs.