Q:

What is a Miller Trust, and how does it work?

A:

Quick Answer

A Miller Trust is a special type of trust that enables those on Medicaid to legally divert portions of their income to a specific type of bank account. This trust, sometimes called a Qualified Income Trust, allows the person to become income-eligible if income is over a certain amount.

Continue Reading

Full Answer

When using a Miller Trust, the Medicaid applicant's income meets the maximum limit dictated by the government program. Because of the numerous factors involved in setting up a Miller Trust properly, the assistance of a licensed attorney is advised. The attorney can draft all the appropriate paperwork and get the trust started.

Learn more about Financial Planning

Related Questions

Explore