Miller Trusts, What do they do?
Miller Trusts, sometimes called Income Only Trusts, are a mechanism to help seniors and people with disabilities qualify for the ALTCS program. Miller Trusts allow a person to redirect either all, or a portion, of their income to a trust. This is done to help that person qualify for the ALTCS program. ALTCS sets an income limit of $2,349 per month and any income over the limit will disqualify an applicant. In order to avoid disqualification, a single person who has income in excess of $2,349 per month from all sources may need a Miller Trust to qualify for ALTCS.
When Does Someone Need a Miller Trust?
Someone who has substantial long term care needs, such as the need to live in an assisted living or memory care community, may find that although their monthly income is over the ALTCS limit ($2,349/month) they still have care expenses that well exceed their income. Therefore, to pay for care, they will still need to qualify for ALTCS.
A person in this situation can use a Miller Trust to redirect some of their income (Social Security or a pension) to a Miller Trust, so that their personal income, the portion that goes to them personally, is below $2,349/month. That person will then be able to qualify for ALTCS, provided that they meet the other enrollment criteria.
We Can Help
Senior Planning offers Miller Trusts and other estate planning documents for sale. We can help you prepare for your ALTCS application, or we can assist you further with our full ALTCS application assistance services.
If you need more information about Miller Trusts or about Senior Care, please call Senior Planning today.