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A Qualified Income Trust (QIT), also known as a Miller Trust, is a special legal arrangement for holding a person's income. A QIT is a written trust agreement for which the trustee establishes a dedicated bank account.
A qualified trust is a stock bonus, pension, or profit-sharing plan established by an employer for their employees. A qualified trust is tax-advantaged as long as it meets IRS requirements.
Miller Trusts, also called Qualified Income Trusts, provide a way for Medicaid applicants who have income over Medicaid's limit to become eligible for Medicaid long term care. In short, income over Medicaid's limit, is put into a trust and therefore not counted as income, thus allowing the applicant to become eligible.
A Qualified Income Trust (QIT), also known as a Miller Trust, is a special legal arrangement for holding a person's income. A QIT is a written trust agreement for which the trustee establishes a dedicated bank account.
For 2022, an individual must have a monthly income of $2,523 or less to be eligible for Ohio Medicaid assistance to pay for either nursing home care or home or community-based services. (If both spouses are applying, the monthly income limit is $5,046.)
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A QIT is irrevocable. That means it remains in effect until you die. The State of Ohio is the primary beneficiary of the QIT, therefore, any money left in the QIT when you die is paid to the state, up to the amount Medicaid paid for your care.
April 28th, 2022. A qualified income trust, also known as a \u201cMiller trust\u201d or \u201cqualifying income trust\u201d is a legal arrangement that allows adults to qualify for Medicaid funds to pay for care.
What is a Qualified Income Trust? If your income is over the limit to qualify for Medicaid long-term care services (including nursing home care), a Qualified Income Trust (QIT) allows you to become eligible by placing income into an account each month that you need Medicaid.
The first step is to hire an attorney to create a Medicaid qualified income trust. You then deposit the Social Security check into the account. This drops the amount of income the state counts against his eligibility. His Social Security income will pay part of his care.
A Qualified Income Trust (QIT) Must be Managed Carefully If your monthly income exceeds the state's limit, funds must be deposited into the QIT every month that long-term care is required.

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