In some states (Texas being one of them), when the income of an applicant for Medicaid exceeds the monthly limit a special type of document is necessary to meet income eligibility rules. Known as “income cap” states, they cap monthly income to $2,742 (for 2023). In these states, if your income is more than the […]
A Miller Trust is a type of trust that allows a person to become eligible for Medicaid even if his or her income is over
Maybe you’re the adult child of an ailing parent. Maybe you’re a spouse whose husband or wife needs long-term care. Whatever your situation, learning what you need to know about paying for nursing home care is a tough task. Some people take the time to study up and plan in advance of actual need. Most […]
One of the most persistent myths is that a Miller Trust in Texas can protect assets from Medicaid. I don’t know why this misunderstanding persists, but
The phone rang at 3:30 Friday afternoon. A nursing home business office manager who refers business to me from time to time quickly reintroduced herself and said she had a problem she hoped I could help her with. She asked how quickly I could turn around a Miller Trust for one of her residents. “In […]
Is a Texas nursing home a possibility for you or someone you care about? Then you’ll likely find yourself having to file Medicaid application sooner or later. Why? Because outrageous monthly nursing home costs can lead to financial ruin. The Medicaid program is the only federal program that helps pay long-term care nursing home costs. Tackling […]
Certain states cap limit income. You’ll have high nursing home bills with too little income to cover it. A number of states apply Medicaid income limits. These states are referred to as “Income Cap States. The legislature in each strictly limit the amount of income an applicant for Medicaid nursing home benefits can have and […]
Miller Trust bank accounts are not the same as traditional bank accounts. Here’s why: The bank accounts opened to fund a Qualified Income Trust (the technical name for a Miller Trust) operate more like a “representative account” for the payment of a disabled persons expenses. It is not a typical asset-type trust fund. They are […]
If you plan to open a Miller trust bank account, you need to understand how these types of accounts differ from traditional bank accounts. Difference #1: The bank accounts opened to fund a miller Trust operate more like a “representative account” for the payment of disabled person’s expenses rather than a typical asset-type trust account. […]
A Miller Trust solves only one problem when applying for Medicaid: ensuring Medicaid income eligibility when a person applying for Medicaid has too much income. This type of trust is not useful for any other reason. A Miller Trust cannot protect assets and does not allow you to shelter excess money. If a person applying […]
