Miller trust

An irrevocable trust funded with the income of an incompetent beneficiary who seeks to qualify for Medicaid in a state with an income cap.

• Funding is strictly limited to the beneficiary’s income (from any source). The assets in the trust are not included in the beneficiary’s estate for Medicaid purposes if the trust assets will be used to reimburse the state after the beneficiary’s death. Trust distributions are kept below the income cap in order to preserve the beneficiary’s Medicaid eligibility. This type of trust was first judicially sanctioned in Miller v. Ibarra, 746 F.Supp. 19 (D. Colo. 1990).

— Also termed Miller’s trust; qualified income trust.

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词条贡献者

译员Roger，毕业于欧洲一流的高级翻译学院，专注翻译各种与公共及基础设施融资有关的法律文件。