Qualified Income Trust (Miller Trust)
A qualified income trust-the Miller Trust as it is known-is an irrevocable trust that distributes your income to you in a way that does not disqualify you from Medicaid. Medicaid is a welfare-based government benefit that pays for skilled nursing care. You must meet Federal and State guidelines as to wealth (or, more accurately, the lack of it) to qualify for Medicaid. Certain assets count and certain assets do not count as part of your wealth. Income also is a factor in qualifying for Medicaid. If you have an income too high to qualify for Medicaid, you may want to consider a Miller Trust. Bailey Zobel Pilcher can help evaluate your situation to determine if this is the right vehicle for your needs.