Arkansas Complex Will - Income Trust for Spouse
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How to fill out Complex Will - Income Trust For Spouse?
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FAQ
So, if there are any funds remaining in the trust after your death, the state is repaid for the care provided. This payment must be less than or equal to the total amount the state actually paid for care. However, it's rare that a Miller trust will have excess funds over and above that dollar amount.
Also, a limited amount of cash is excluded ($2,000 for an individual and $3,000 for a couple). There are other types of assets that may not be counted. However, the determination as to what is exempt is made on a case-by-case basis. Each state has its own Medicaid program, and its own qualifications.
Any property stored inside the trust is not subject to probate court, a time-consuming and sometimes privacy-invading process that most trusts have to go through. This may be especially important in Arkansas, which does not use the Uniform Probate Code, which simplifies the probate process in some other states.
A basic Revocable Living Trust generally ranges from $1,000 to $3,000. More complex trusts can cost several thousand dollars more. Online services like Snug can provide a more affordable alternative to traditional legal services, offering estate planning services, including trusts, at a lower cost.
A Miller Trust could be crucial if you need Medicaid long-term care benefits, but your income exceeds your state's published income cap which would render you ineligible. Creating a Miller Trust can help you receive the benefits you need.
Miller Trusts are called by a variety of names and include the following: Qualifying Income Trusts, QITs, Income Diversion Trusts, Income Cap Trusts, Irrevocable Income Trusts, Income Trusts, d4B trusts, and Income Only Trusts. These names are often state specific.
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.
It allows individuals to become income eligible under Medicaid. It does not require any advanced planning and is often used in a crisis (like the example above). Once someone is eligible for Medicaid, the cost of nursing home care would be covered.