The Miller Trust Form Florida
Description
How to fill out Qualified Income Miller Trust?
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FAQ
You might need a Miller trust to qualify for Medicaid assistance while managing excess income effectively. This unique trust allows individuals to retain eligibility for needed medical assistance by placing their surplus income into the trust. The miller trust form Florida provides a structured way to set up this arrangement, ensuring you meet all legal requirements and support your healthcare needs without financial strain.
The state in which the Medicaid recipient will be receiving long-term care benefits must be named as the beneficiary, and upon the death of the individual, the state will receive any funds it paid into the Miller Trust that were unused. The trust is irrevocable, which means that it cannot be altered or cancelled.
Miller Trusts work by holding the Medicaid recipient's income. Every month, the applicant should deposit their income directly into the Miller Trust. These funds will then be distributed by the Trustee to pay for 'allowable deductions' and Medicaid costs. Medicaid is the primary beneficiary of the trust.
A Qualified Income Trust based on Florida law, often times referred to as a Miller Trust, is a vital document a Medicaid applicant must have in order to qualify for Medicaid benefits, assuming their gross income is in excess of $2,022. It is only the Medicaid applicants income that is of concern.
Once the QIT is drafted by a competent elder law attorney and is established by the Medicaid applicant, the applicant's spouse, or the applicant's legal representative (e.g. Power of Attorney), then the Trustee of the QIT must open a trust account with a local or national bank.