What is the primary purpose of a Qualified Income Trust (Miller Trust)?

The primary purpose of a Qualified Income Trust, often referred to as a Miller Trust, is to enable individuals to qualify for Medicaid benefits when their income exceeds the limits set by the program. These trusts are particularly significant for those seeking long-term care assistance, as Medicaid has strict income and asset thresholds that must be met.

By placing excess income into a Qualified Income Trust, individuals can effectively reduce their countable income to qualify for Medicaid. The income placed in the trust is then used to pay for specific allowable expenses, while still making the individual eligible for necessary medical assistance. This makes the trust a crucial tool for those in need of care but facing challenges due to their income levels.

The other options, while they might relate to financial planning or management in various contexts, do not capture the essential role of the Qualified Income Trust in facilitating Medicaid eligibility.