What is a Pooled Trust?
A pooled trust is a type of special needs trust that is managed by a nonprofit organization. The trust is designed to help people with disabilities who have assets that would otherwise disqualify them from receiving Medicaid benefits.
To qualify for a pooled trust, the individual must meet certain eligibility requirements. These requirements vary from state to state, but generally include the following:
How does a Pooled Trust Work?.
Once an individual is eligible for a pooled trust, they can contribute their assets to the trust. The assets in the trust are then managed by the nonprofit organization, which pays for the individual's qualified disability expenses. Qualified disability expenses are expenses that are not covered by Medicaid, such as housing, transportation, and medical equipment.
What are the Benefits of a Pooled Trust?
There are several benefits to using a pooled trust. First, pooled trusts can help people with disabilities qualify for Medicaid benefits. Second, pooled trusts can help people with disabilities manage their assets and pay for their qualified disability expenses. Third, pooled trusts can provide peace of mind to people with disabilities and their families, knowing that their assets will be protected and used to meet their needs.
Additionally, pooled trusts benefit individuals by:
What are the Drawbacks of a Pooled Trust?
There are a few drawbacks to using a pooled trust, including:
How to Choose a Pooled Trust
If you are considering using a pooled trust, there are a few things you should keep in mind:
A pooled trust is a valuable tool that can help people with disabilities qualify for and retain Medicaid benefits. If you are a person with a disability who is considering using a pooled trust, it is important to speak with an attorney who is experienced in special needs planning. An attorney can help you determine if a pooled trust is right for you and can help you set up the trust. ProLife Home Care's legal staff provides free consultations for individuals interesed in exploring if a pooled trust if right for your family.
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ProLife Home Care