Miller trust vs qualified income trust

Tom Olsen: Attorney Chris Merrill has been working with a client to open up a trust account at one of the mega banks around here. She was trying to open up the account as a qualified income trust and the bank's lawyers are kicking it back until they finally said, "Oh, that's a Miller Trust." When you're dealing with your clients and they're going up on the bank account, tell the bankers, "Hey, this is a qualified income trust, also known as a Miller Trust." The lawyers at the banks often know more about that term than a QIT.

Robert Hidock: Yes. It's odd because Medicaid here, they only call it a qualified income trust, but if you read a lot of the literature, it goes by Miller Trust.

Tom Olsen: The Miller Trust was really the first one to say, "Hey, this is a option for doing Medicaid nursing home planning.

Robert Hidock: Correct.

[00:00:50] [END OF AUDIO]