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miller trust arizona

How Do You Know If You Need A Miller Trust In Arizona?

Armando Roy Business and Management ,

Miller trust is a trust company that specializes in estate planning. The company was founded in 1876 and has since grown to be one of the largest trusts companies. It offers a wide range of services, including trust creation, administration, estate planning, and taxation. The company also has a number of affiliated companies that offer additional services related to estate planning, such as asset protection and probate litigation. You can hire the best attorney in Arizona via https://elderlawofaz.com/elder-law-altcs/ for your specific needs.

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One key feature of the miller trust is its focus on preserving family privacy. The company takes a hands-off approach to estate planning, preferring to let clients work with an experienced team of professionals who will guide them through the entire process. This approach allows clients to customize their plans based on their unique needs and goals.

There are several factors to consider before making a decision about whether or not you need a miller trust. Some of the benefits of using a miller trust include: 

  1. The ability to designate specific beneficiaries. This can help ensure that your money is used in accordance with your wishes. 

  2. Trust can provide tax advantages. 

  3. The trust can offer peace of mind in knowing that your assets are protected.

Make sure your trust is updated annually. It’s important to make sure your trust is updated annually so that it reflects current tax laws and beneficiary guidelines. Always consult an attorney when creating or updating a Miller Trust in order to make sure everything is done correctly and legally.

The Importance Of Establishing A Special Needs Trust In Arizona

Armando Roy Legal ,

If a person with a disability inherits money or property, in the absence of special funds, the government allowance can be reduced or eliminated, because the person has the amount allowed to receive the benefit.

What can special needs trust do?

Families can invest money, property, and other assets in a trust instead of handing it over to a disabled person. An incapacitated person will be identified as a trustee and a trustee will be appointed to spend money on behalf of your loved ones. To know more information about special needs trust in Arizona, you can visit elderlawofaz.com/special-needs-planning.

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Trust funds can be used to cover expenses that exceed government benefits your loved ones receive, such as vacations, travel, entertainment, medical and dental expenses that you have to pay for yourself, and so on.

A First Party Supplemental Needs Trust

Trust for Additional Needs of the First Party is an irrevocable trust that can be formed for persons with disabilities under the age of 65 from the assets of persons with disabilities. 

If the money doesn't go to the First Party Special Needs Trust, government benefits such as Medicaid will be suspended and people with disabilities will have to pay their medical bills of earned wealth until they spend up to an estimated $14,400 wealth limit.

Funds from the trust must be spent on behalf of persons with disabilities, and the language of the trust must contain provisions allowing state agency Medicaid to reimburse the remaining trust funds up to the amount spent on persons with disabilities.

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