The Estate & Asset Protection Law Firm Owner, Shannon Pawley, Writes About Miller Trusts, Explaining What They Are And Why One Would Need One.
Estate & Asset Protection Law Firm Owner, Shannon Pawley, writes about the valuable aspects of creating a Miller Trust when one’s income exceeds the states limits for Medicaid long-term care benefits..
DECATUR, GA, September 26, 2022: Shannon Pawley, Owner of The Estate & Asset Protection Law Firm, has posted a new article on the law firm’s website entitled “A Miller Trust: What Is It And Why You Might Need One.” Ms. Pawley explains the various names and when and by whom a Miller Trust can be used.
Pawley explains, “A Miller Trust could be crucial if you need Medicaid long-term care benefits, but your income exceeds your state’s published income cap which would render you ineligible.” She adds, “Creating a Miller Trust can help you receive the benefits you need without having to compromise your income.”
“A Miller Trust ,” Pawley writes, “is a type of irrevocable trust – meaning it cannot be altered or canceled – that holds excess income so you can qualify for Medicaid long-term care benefits. It’s called by different names from state to state. For instance, “ she says, “west of the Mississippi a Miller Trust is referred to by many different names. In Arizona, it’s called an Income-Only Trust. In Oregon, it’s called an Income Cap Trust. In New Mexico, it’s called an Income Diversion Trust. But, here in Georgia,” Pawley explains, “it is called a Miller Trust, and occasionally someone might refer to it as a Qualified Income Trust. Any income that exceeds Medicaid’s limit is put into the trust and therefore not be counted as income. This allows the applicant to become eligible for Medicaid long-term care benefits.
According to Pawley, “Like with other trusts, you assign a trustee to your Miller Trust. This would be someone other than yourself, perhaps your adult child, a friend or other family member. As you would with any trustee, you want to designate someone you trust will make financial decisions in your best interest.”
The entire article can be read at LINK HERE
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Shannon Pawley has grown her law practice by providing excellent customer satisfaction with personalized wealth protection plans.
About Shannon M. Pawley, J.D., LL.M
As the owner of The Estate & Asset Protection Law Firm, Shannon M. Pawley and her entire team share a passion which focuses on being able to serve the legal needs of retiring individuals. In our firm, WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability. We also believe that privacy and protection are the keys to personal peace. Born and raised in the Tidewater area of Virginia to a tightknit family with strong military service roots, Shannon learned from an early age the value of hard work and the importance of social awareness to ensure you always leave a situation in a better place than how you entered it. In her junior year of high school, Shannon served as U.S. House of Representatives Page during the 101st United States Congressional Session in Washington, D.C. This experience exposed her to numerous new cultures and worldly issues. Walking away from her experience as a U.S. House of Representative Page, Shannon knew that she wanted to pursue legal studies and be able to assist others in obtaining the best results available in difficult situations.
Shannon earned her undergraduate degree at North Carolina Wesleyan College and pursued a law degree from Michigan State University College of Law. After obtaining her law degree and becoming a licensed attorney in Michigan, she continued her educational pursuit by acquiring a LL.M. (Master of Law) in Taxation from Wayne State University. After moving to Georgia in 2018, Shannon obtained her Georgia law license and has enjoyed being able to pursue her desire of ensuring persons are able to age with dignity, grace and independence.
Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!