"Pooled trusts" are essentially a pool of money funded by families and sometimes individuals to benefit someone with special needs or disabilities. Resources put into a pooled trust account can be paid out for extra assistance not covered by government benefit programs. Money set aside this way helps conserve assets for personal use without disqualifying the beneficiary from receiving Medicaid or Supplemental Security Income (SSI), but it's best to consult with an elder care attorney on such matters.
Pooled trust funds are invested and managed as a single account. Withdrawals from a beneficiary's portion of the pooled trust can be used to pay for supplemental needs, which might range from geriatric care services, extra nursing care, and the cost difference between a shared or private room in a nursing home to eyeglasses, diapers, guardian fees, and insurance premiums. Typically, much less money is required to enroll in a pooled trust than would be necessary to set up an individual trust. Available plans and fees differ from state to state.
"Pooled trusts" are essentially a pool of money funded by families
and sometimes individuals to benefit someone with special needs or
disabilities. Resources put into a pooled trust account can be paid
out for extra assistance not covered by...
More
Suzanne Modigliani of Harvard Health Publications answered:"Pooled trusts" are essentially a pool of money funded by families and sometimes individuals to benefit someone with special needs or disabilities. Resources put into a pooled trust account can be paid out for extra assistance not covered by government benefit programs. Money set aside this way helps conserve assets for personal use without disqualifying the beneficiary from receiving Medicaid or Supplemental Security Income (SSI), but it's best to consult with an elder care attorney on such matters.
