Arizona and New Mexico Income Only Trusts Law Firm
You may have heard about income-only trusts, sometimes also called a Miller Trust, and wondered just what it is. The short answer is that an income-only trust is a special type of trust used to help a person in need of long-term care services who has income over a certain limit to qualify for Medicaid benefits. The details, though, can be quite a bit more involved.
Many people in Arizona and New Mexico assign their income such as pensions and Social Security to an income only trust to protect themselves from losing medical benefits. There are restrictions on how an income-only trust can be set up, as well as what can go into the trust, so it is important to work with an experienced lawyer to understand your options.
The income assigned to “income only trusts” can be disbursed for personal needs, food, clothing, shelter, medical expenses, share of cost and other allowable disbursements, so the beneficiary, through the trustee, can use the money to live on. An income-only trust has significant restrictions, which we can help you understand.
At Morris Hall, PLLC, we work to ensure that families employ the right estate planning tools to protect themselves from difficult financial burdens such as unexpected long-term care costs. We view estate planning and asset preservation as an ongoing process that occurs at natural stages of everyone’s professional and personal lives. We have a deep understanding of both the economic and personal significance of major life changes such as birth, marriage, divorce, death and professional transitions.
Income Only Trusts and Other Medicaid Trusts
An income only trust is also sometimes referred to as a Medicaid trust because the trust is used to help a person qualify for state Medicaid benefits. There are many types of Medicaid trusts, each with a specific use, and each subject to a complex set of rules. Medicaid eligibility is based on a complex web of federal and state laws, regulations and court cases.
Contact Our New Mexico and Arizona Attorneys to start your income only trust
Contact us to arrange a consultation with an experienced lawyer today. Our offices are located in Phoenix, Tucson, Albuquerque and communities throughout Arizona and New Mexico.