Do you need an EIN to open a Colorado Miller Trust account?

Colorado's official Income Trust form states (Section 7.13) that the trust is a grantor trust for tax purposes and that the member's Social Security number is used as the trust's tax identification number — so no separate EIN is obtained. Unlike New Jersey and Indiana, Colorado does not publish a separate 'memo to banks,' so the form's own Section 7.13 is the documentation to show a branch that asks for an EIN: hand the teller the HCPF Income Trust form (with instructions) and point to Section 7.13. The account is an ordinary dedicated checking or savings account titled in the name of the trust.

Do you need a lawyer to open a Colorado Miller Trust bank account?

No. Colorado Department of Health Care Policy and Financing does not require legal representation to open the account. If a branch insists, that is a bank-policy stance, not a Medicaid rule — escalate to the bank's trust department or use a community bank or credit union. For advice on your specific situation, consult a Colorado-licensed elder-law attorney.

CO · Guide Last reviewed 2026-06-26

What to Say at the Bank When Opening a Miller Trust Account in Colorado

When you open a Miller Trust account in Colorado, expect the branch to hesitate — most have never opened a Qualified Income Trust account, and many ask for an attorney or a tax ID (EIN) you do not need. You do not need a lawyer to open the account, and a Colorado QIT is set up using the beneficiary's Social Security number, not an EIN. Below are the 4 refusals Colorado families hit most often and exactly what to say to each — every response is backed by HCPF's own published guidance.

Why the bank says no

Opening a Colorado Miller Trust account is not legally complicated, but it is unfamiliar to most branch staff — they rarely see a Qualified Income Trust, so the default reaction is caution. The fix is almost never arguing; it is handing the branch the right HCPF document and asking for the right account type. Below are the 4 refusals families hit most often in Colorado.

Refusal 1

Branch asks for a tax ID (EIN) for the trust

What to say: Colorado's official Income Trust form states in Section 7.13 that the trust is a grantor trust and that the member's Social Security number is used as its tax identification number — there is no separate EIN. Unlike New Jersey and Indiana, Colorado does not publish a separate bank memo, so the form itself is your documentation: show the branch Section 7.13 of the HCPF Income Trust form.

Bring: HCPF Income Trust Form (with instructions) — Section 7.13

Refusal 2

Branch wants the POA to specifically authorize creating a trust

What to say: HCPF's instructions allow a spouse, an agent under a power of attorney, a guardian, or a conservator to sign on the member's behalf with proof of authority — a power-of-attorney document or a court order. Bring the signed POA or court order along with the HCPF form.

Bring: HCPF Income Trust Form instructions; the signed Power of Attorney or court order

Refusal 3

Branch is unsure what kind of account this is

What to say: It is an ordinary dedicated checking or savings account titled in the name of the trust, holding only the member's monthly income, with the patient payment and allowances distributed each month and the balance nearly depleted. Ask the branch to check with a regional or corporate office or its trust department if the retail desk is unsure.

Bring: HCPF Income Trust Form (with instructions)

Refusal 4

Branch has never opened an income trust account

What to say: It is a routine dedicated account the trustee manages, holding only the beneficiary's income. Ask for a full-service branch or the bank's trust department; community banks and credit unions are often more flexible. The account need not be a complex trust account — only the member's income goes in and almost all of it goes out each month.

Bring: HCPF Income Trust Form (with instructions)

If the branch still won't open it

Ask for the bank's trust department, or switch to a community bank or credit union — their account opening tends to involve a human review rather than a screen-driven template, so they accommodate unusual account types more readily. The account itself is ordinary: a dedicated checking account titled to the trust, opened with the beneficiary's Social Security number.

Common questions

Do you need an EIN to open a Colorado Miller Trust account?: Colorado's official Income Trust form states (Section 7.13) that the trust is a grantor trust for tax purposes and that the member's Social Security number is used as the trust's tax identification number — so no separate EIN is obtained. Unlike New Jersey and Indiana, Colorado does not publish a separate 'memo to banks,' so the form's own Section 7.13 is the documentation to show a branch that asks for an EIN: hand the teller the HCPF Income Trust form (with instructions) and point to Section 7.13. The account is an ordinary dedicated checking or savings account titled in the name of the trust.
Do you need a lawyer to open a Colorado Miller Trust bank account?: No. Colorado Department of Health Care Policy and Financing does not require legal representation to open the account. If a branch insists, that is a bank-policy stance, not a Medicaid rule — escalate to the bank's trust department or use a community bank or credit union. For advice on your specific situation, consult a Colorado-licensed elder-law attorney.