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What is a “Pooled” Special Needs Trust
- Special Needs Trusts and Settlement Protection for Trial Lawyers
- What is a “Pooled” Special Needs Trust
A “Pooled” Special Needs Trust is a big master trust which has many sub-trusts joined to it. Pooled special needs trusts have many of the same characteristics as individual special needs trusts but there are some significant differences. Like an individual special needs trust, a pooled special needs trust exempts trust assets from being counted towards eligibility for Medicaid and other needs-based benefits.
If a disabled person places many into a pooled trust sub-account, that money should not be counted as an available resource when the government is determining eligibility for needs-based benefits. By law, pooled trusts must be run by a not-for-profit trustee.
Lawyers with Solkoff Legal, P.A. have worked with eligible not-for-profit corporations in the creation and administration of pooled special needs trusts and have represented many disabled individuals in the use of a pooled trust. Because a pooled special needs trust commonly administers many sub-accounts at the same time, there are sometimes great efficiencies based upon economies of scale. Solkoff Legal, P.A. will help you evaluate the pooled trust option and many other options available to meet the special needs of our clients.
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