For Ohio residents who are estate planning and need the state’s Medicaid program to assist with long-term care costs, establishing a qualifying trust may be necessary. These trusts are part of the Medicaid program that allows applicants to decrease their assets below the state’s Medicaid income limits. A family member or other appointed administrator will oversee the assets through an irrevocable trust and follow instructions for management and distribution.
What is the Miller Trust for Medicaid eligibility?
In most states, income limits are about $2300 per month to qualify for Medicaid assistance for nursing home care. Some states don’t allow spend-down methods to qualify applicants for Medicaid. The Miller Trust helps with estate planning by creating an irrevocable trust rather than a spend-down plan to reduce assets below Medicaid limits. You will receive a set amount each month for personal needs; your spouse will receive a monthly maintenance amount, and the remaining amount will go to cover the cost of your long-term care.
How to set up a Miller Trust during estate planning
Estate planning is a severe undertaking, and some decisions are final. When setting up a Miller Trust, a trustee will be assigned to manage your assets, and this trust is irreversible. You cannot change your mind once the agreement is in place. There are short-form applications on your state’s Medicaid website that you can complete and submit.
You might think that you don’t have many assets, so you will choose the simple and easy route. Consulting with a professional about estate planning is wise and helps you with items you might miss. Planning for your future is vital to your and your family’s peace of mind.