It’s so satisfying to work an ALTCS income-only trust (IOT) case with all its idiosyncrasies and arrive at an approval for benefits. Just received another one of those approvals this week!
Getting to an approval is no easy task. Many folks think that when ALTCS tells them that they need a Miller trust (aka: Income-Only Trust) to qualify that it’s as simple as ordering the trust, getting it signed, and submitting it to ALTCS. Nothing could be further from the truth.
Not only must the trust be created and signed but it must be funded and disbursements made in accordance with the trust provisions. But that isn’t the end of the story. There are many other documents which must be provided and explained and a complete packet must be provided to ALTCS before they will even submit it to policy. After policy reviews and approves it then the ALTCS legal department must review and approve it.
The last IOT packet I submitted to ALTCS included 44 pages of documentation just to start plus additional information provided throughout the application process. The average time spent on our Premium IOT package is 8 hours – that’s without ALTCS representation. At our $120 per hour rate that trust package could cost $960.00 but we offer it for $750.00. And even our basic income-only trust package ($250.00) includes the checklist of items needed for that initial submission and a basic TO DO list so that you have some clue of how to get through that part of the ALTCS process.
When comparing income-only trust packages out in the marketplace keep in mind that we are former ALTCS employees with a combined 47+ year’s experience. A quick look at what’s included in our Premium IOT package shows you just how much you get when you use Montgomery & Associates ALTCS Planning for your Income-Only Trust needs.
