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You might need a Miller trust with Arkansas to manage your income in a way that helps you qualify for Medicaid. This type of trust allows you to set aside excess income that would otherwise prevent you from receiving essential benefits. By channeling income into the trust, you create a pathway to receive the care you need without the financial burden. It can be a crucial tool for those facing long-term care decisions.
65 and older ? ARSeniors: This program combines QMB and Medicaid ABD benefits for enrollees 65 or older. The income limit is $858.67 a month if single and $1,161.33 a month if married. Asset limit: The asset limit is $9,090 if single and $13,630 if married. (This is the same resource limit as the MSPs in Arkansas.)
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.
If your income exceeds the limit, you may meet the income eligibility criteria by setting up an Irrevocable Income Trust (also known as a Miller Income Trust or MIT.) An Irrevocable Income Trust is established by signing a legal document and setting up a special bank account to fund the trust.
If your income exceeds the limit, you may meet the income eligibility criteria by setting up an Irrevocable Income Trust (also known as a Miller Income Trust or MIT.) An Irrevocable Income Trust is established by signing a legal document and setting up a special bank account to fund the trust.
Financial Requirements Arkansas residents have to meet an asset limit and an income limit in order to be financially eligible for Aged Blind and Disabled (ABD) Medicaid. For a single applicant in 2023, the asset limit is $2,000, which means they must have $2,000 or less in countable assets.