Are you, like many Floridians, struggling to balance the demands of healthcare costs while maintaining Medicaid eligibility? Navigating through the complex maze of government assistance can be daunting and confusing. But don’t fret, there is a unique and strategic solution available that you might be overlooking – the Miller Trust, also known as a Qualified Income Trust in Florida.
WHAT IS A MILLER TRUST IN FLORIDA?
Miller Trust is an essential financial tool, allowing individuals to qualify for Medicaid, even when their income exceeds the eligibility threshold. When your income surpasses Medicaid limits, the excess can be placed into a Miller Trust, ensuring it does not disqualify you from availing of long-term Medicaid services.
The trust is named after the court case of Miller v. Ibarra, where the court ruled that assets placed into such a trust wouldn’t count towards Medicaid income limits. Thus, this form of trust helps you continue receiving Medicaid while managing your income more efficiently.
BENEFITS OF A MILLER TRUST IN FLORIDA
One major advantage of a Miller Trust is that it allows you to stay financially stable without losing Medicaid benefits. It can cover necessary healthcare costs that would otherwise be unaffordable. Moreover, the trust provides a legal and organized way to manage funds.
A significant question people often have is, “What expenses can be paid from a Miller Trust?” The main purpose of the trust is to help the beneficiary manage their income effectively while retaining Medicaid coverage. Therefore, the money deposited into the trust can primarily be used for the beneficiary’s healthcare and care-related expenses.
These expenses can encompass a broad range of items. For instance, this could include out-of-pocket medical costs such as prescription medications, or medical equipment that is not entirely covered by Medicaid. Furthermore, it can also cover the cost of medical co-payments and costs related to nursing home care or other long-term care services.
However, it’s important to note that while Florida law provides a general guideline on what expenses can be paid from a Miller Trust, the specifics can vary depending on the individual’s circumstances and needs. For this reason, it is always advisable to consult with a knowledgeable estate planning attorney to ensure the trust is being managed and used correctly.
HOW A MILLER TRUST WORKS IN FLORIDA
The main criterion to qualify for a Miller Trust in Florida is having an income that exceeds the Medicaid limits. However, it’s important to note that this trust must be irrevocable, meaning it cannot be altered or canceled.Creating a Miller Trust is a process that begins once you have signed the trust document. It requires you to open a trust bank account and deposit enough of your income to fall below the Medicaid special income limit. The process of setting up a functioning Miller Trust is finalized once this is done.
In terms of operations, you’re required to deposit into the trust account on a monthly basis as you receive income. Before the month’s end, your designated trustee will make distributions from the trust. The exact timing of the deposit and payment may vary, depending on the state rules.
SEEKING ASSISTANCE FROM AN ESTATE PLANNING ATTORNEY IN SUNRISE, FL
Navigating through the complex world of trusts and Medicaid can be challenging, and making a mistake can cost you dearly. That’s where the Florida Planning & Probate law firm comes in. Our seasoned trust administration attorney in Sunrise, FL, will guide you through every step, providing comprehensive and personalized estate planning services tailored to your needs.
With our help, you can enjoy peace of mind, knowing your future is secure. We not only help establish your Miller Trust but ensure all aspects of your estate planning are handled effectively.
Ready to take the next step? Contact us today, and let’s chart a pathway toward a secure future together. Your trust is our mission.