How Can I Spend Funds in A Qualified Income Trust?
There are very specific rules regarding how the funds in a Qualified Income Trust (QIT) may be spent. It is very important that the Trustee ensures that only allowable expenses are paid out of [...]
Does the Qualified Income Trust Need a Taxpayer Identification Number?
Some banks may request that you obtain a Taxpayer Identification Number for the Qualified Income Trust (QIT, also referred to as a Miller Trust). However, In Part 21, Chapter 7, Section 13 of [...]
How much of my income should be deposited into the Qualified Income Trust?
The Trustee must deposit the amount of the Medicaid recipient’s income that exceeds the income cap into Qualified Income Trust (QIT) each and every month. In 2020, the gross monthly income cap [...]
Opening the Qualified Income Trust Bank Account
Opening the Qualified Income Trust Bank Account Once a Qualified Income Trust (QIT) has been prepared and signed, the Trustee must establish and maintain a separate bank account in the name of [...]
How can I set up a Qualified Income Trust (QIT)?
A Qualified Income Trust (QIT), also known as a “Miller Trust,” is typically set up by individuals seeking Medicaid skilled nursing home care or Medicaid diversion with monthly gross income [...]
