Attorneys Answering Your Questions Regarding Miller Trusts
Medicaid is not as free as people often think it is. The state administers the program for the federal government and works hard to recover assets from program recipients. Any money entering the Medicaid recipient’s bank account in excess of the current $2,523 income limit will automatically be diverted to the state of Texas. If the excess money remains in the account for too long, it will be counted as a personal asset and could result in loss of Medicaid eligibility.
A Miller Trust, also called a qualifying income trust, is a set of instructions that is applied to the recipient’s checking account. Any income over the monthly cap of $2,523 is diverted to the trust to preserve your Medicaid eligibility. Many Medicaid planning service providers advertise that they can help people set up a Miller Trust. Unfortunately, many people take advantage of the opportunity without taking the steps necessary to automatically divert the excess income into the trust.
Why not just transfer money to a different checking account?
In order to be considered a legitimate Miller Trust for Medicaid eligibility purposes, the trust must include a provision for repaying the state of Texas with any remaining assets upon the recipient’s death. We know the rules and make sure your Miller Trust is set up correctly and is funded appropriately to help your loved one while protecting your family’s assets.
Livens & Reed, PLLC is an established Medicaid planning firm that can help you set up a Miller Trust for your loved one — but we don’t stop there. We will also work with your bank to make sure the checking account is set up to automatically divert excess funds into the trust. This automatic diversion option will give you the peace of mind that your loved one will retain eligibility while freeing you from the worry and work of keeping one eye on the checking account every month.
With two offices to serve you better, our attorneys and our staff provide comprehensive estate preservation, asset protection and Medicaid planning services for clients in the Dallas-Fort Worth Metroplex area and communities throughout North Texas. Call us or contact our offices by email to arrange a free initial consultation with an experienced Dallas Miller Trust lawyer today.
We have earned a reputation for integrity, backed by exceptional client service and responsive communication. You will find our fee structure competitive and our billing policies clear and fair.
Talk To An Experienced Medicaid Miller Trust Lawyer
From wherever you are in North Texas, call us toll-free at 800-569-2663 to discuss your circumstances. You may also use our convenient contact email form to arrange a free initial consultation at one of our two convenient office locations in Bedford and Addison. Se Habla Español.