John Doe has 2 incomes. The gross amount of income one is $1,705.00 and the gross amount of income two is $501.00. John is not married. The ALTCS income limit for 2017 for a single individual is $2,205.00.
John’s income equals $2,206.00. He is only $1.00 over the current income limit and therefore income ineligible for the ALTCS program.
There is a way John may be able to be income eligible for the ALTCS program. He can use the Income-Only Trust (also known as the Miller Trust) to income qualify.
There are 3 income-only trust steps for John to become income eligible.
- Create a Trust with specific requirements as dictated by Arizona Law.
- Create a bank account titled to the Trust.
- Deposit the income received to the bank account titled to the Trust
Although, three steps seems very easy, there are a lot of little steps to ensure the trust will meet the ALTCS criteria and continuing income eligibility. This is why we offer three different Income-Only Trust Packages. Check them out, here.