Miller Trust bank accounts are not the same as traditional bank accounts. Here’s why: The bank accounts opened to fund a Qualified Income Trust (the technical name for a Miller Trust) operate more like a “representative account” for the payment of a disabled persons expenses. It is not a typical asset-type trust fund. They are […]
If you plan to open a Miller trust bank account, you need to understand how these types of accounts differ from traditional bank accounts. Difference #1: The bank accounts opened to fund a miller Trust operate more like a “representative account” for the payment of disabled person’s expenses rather than a typical asset-type trust account. […]
A Miller Trust solves only one problem when applying for Medicaid: ensuring Medicaid income eligibility when a person applying for Medicaid has too much income. This type of trust is not useful for any other reason. A Miller Trust cannot protect assets and does not allow you to shelter excess money. If a person applying […]
