Common Misconceptions With Regard To Miller Trusts? // Elder Needs Law

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Transcript:
Today's question, what are some common misconceptions with regard to Miller trusts? There's a Florida Medicaid planning topic that we'd have to discuss with a lot of our clients who are looking for help paying for long term care. And there are a lot of misconceptions when it comes to what is a Miller trust what the Miller trust do when are they useful? When are they supposed to be used? Miller trust you should know are also known as qualified income trust are also known as income only trust. So these are different terms that mean the exact same thing. Perhaps the most common misconception as I get from potential clients, or people who are doing some research, as to, you know, kind of Florida Medicaid planning is they think of qualified income trust, or Miller trust as this panacea, this cure all they say, let's just take all our money, we'll just put it all into a mailer trust, let's just put it all into two into an Income Trust, and then we'll be qualified for Medicaid. That is a very dangerous approach to take and really completely false. And to really understand where a Miller trust is going to make sense is to understand that there are really two different tests that you need to satisfy in order to qualify to be qualified for Florida Medicaid long term care services, such as how paying for care on the home care in an assisted living facility or care in a nursing home or skilled nursing facility. One has an asset test, which says, essentially, with some limited circumstances, you can't have more than $2,000 to the Medicaid applicants name and an income test. And if your income is above a certain amount in 2022, that is $2,523. If your income is more than $2,523. Again, that's 2022. If you're watching this video, and 2023, that number will have changed, but they they're looking at your Social Security income, they're looking at pensions are looking at 401k distributions, looking at rental income, right however it is you get income, they're adding it all up together. And if it's more than the income cap for that year, you need to utilize a qualified income trust, or a Miller trust, again, same exact thing, Income Trust Miller trust used interchangeably. So that's where the misconception is right? If you had $100,000 to your name, you would not just go stick it in a qualified income trust and call it a day because an Income Trust is just for income, it's not for assets, it'd be dangerous to stick all of your assets into an income trust, because there is a Medicaid payback obligation out of funds that are in an Income Trust. That's kind of the second big misconceptions, people go well, after I pass away, then my children or my heirs or a charity, whoever I want is going to get what's left in my Miller trust. And that is generally not the case. And Income Trust requires the trustee to notify Medicaid, and anything that is in that trust when the Medicaid recipient passes away, goes back to Medicaid to the extent of Medicaid lien. Now, this really isn't a big deal if you're using an Income Trust properly, because income goes in, and then income right back out to pay for health, wellness, medical related needs that are not already being covered by Medicaid, right. So remember, so for example, if your income was $2,623, just use a very simple example that's $100 over the 2022 income cap, that means only $100 needs to go inside a qualified income trust room. So you'd put $100 in every month, January through December, every single month, you want to be eligible for Medicaid. And then what would happen is the money would come right back out, maybe even the next day to go pay for things that you need. So this is a when people think of a trust, they often think of money accumulating that is not the case with a Miller trust. That's not the case with a qualified income trust....