Justin, Someone told me my dad needs a Miller Trust to qualify for Medicaid because his income is too high. What is that? — Nancy
Nancy, Great question. A Miller Trust (also called an Income Trust) is a legal tool that helps someone qualify for Medicaid when their gross monthly income is over the state’s Medicaid income limit.
In Arkansas, Medicaid has a strict monthly income cap. Even if your dad’s income is only slightly over, he could be denied coverage. A Miller Trust allows excess income to be deposited into a special account each month. By doing this, Medicaid treats him as being within the income limit.
The funds in the trust are then used to contribute to the cost of his care as part of his patient liability. It’s not a way to shield income for personal use, but it fixes the income eligibility problem.
Setting up a Miller Trust requires precise drafting and correct administration each month. We do this routinely to help families qualify. Visit ElrodFirm.com to learn more or schedule a no-charge strategy session if you need to set up a Miller Trust for your dad.