Medicaid is a government program that provides health coverage to low-income individuals. However, even people with incomes below the Medicaid limit may be disqualified from certain Medicaid benefits if they have owned assets or investments in excess of certain amounts.
The miller trust in Arizona is a legal way to get Medicaid benefits for long-term care. With this, you can qualify for Medicaid even if you have too much money to otherwise qualify.
There are several reasons why you might want to use a miller trust, or qualified income trust, instead of a will or estate.
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If you have significant assets but are low-income, a miller trust can help you qualify for medicaid benefits. By putting your assets into a miller trust, you can "spend down" your assets to become eligible for Medicaid coverage.
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This trust can help you keep control of your assets. With a will or estate, your assets would be distributed according to your wishes after you die. You can choose how and when you want to use your assets during your lifetime. You can also change the terms of the trust at any time.
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It can help you avoid probate. Probate is the legal process of distributing a person's assets after they die.
If you are considering using a Miller trust to qualify for Medicaid benefits for long-term care, it is important to seek the advice of an experienced elder law attorney. An attorney can help you determine whether a Miller trust is right for your situation and can assist you in setting up the trust and ensuring that it meets all legal requirements.