A Miller Trust With Delaware

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Multi-State
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US-02035BG
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Description

The A Miller Trust with Delaware is a specific type of irrevocable income trust designed to allow individuals, particularly those applying for Medicaid, to manage income while still qualifying for benefits. This trust must be established between a Trustor and a Trustee, where the Trustor transfers their income, including Social Security and pension benefits, into the trust. The key features include the obligation for the Trustee to manage the Trust Estate, ensure compliance with the Delaware Department of Human Services regulations, and provide annual accounting to the Trustor. The trust terminates upon the death of the Trustor, with the remaining assets typically directed toward reimbursing the state for Medicaid benefits received. These trusts are particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in estate planning, Medicaid planning, or elder law. They streamline the process for individuals seeking to protect assets while maintaining eligibility for public assistance programs. Furthermore, it is essential that all parties understand the specific legal obligations and rights dictated by Delaware law in relation to the creation and management of such trusts.
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FAQ

You might need a Miller trust to qualify for Medicaid benefits while retaining income above the standard limits. This arrangement can protect your assets and ensure you can cover necessary medical expenses. Establishing a miller trust with Delaware might be an effective strategy for managing your financial situation while navigating healthcare needs.

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A Miller Trust With Delaware