POOLED SPECIAL NEEDS TRUSTS
A pooled special needs trust is managed by a non-profit organization instead of a single trustee. It is designed to protect a physically or mentally disabled person’s assets while still ensuring the individual can receive government aid.
In order for an individual to qualify for government assistance, such as Medicaid and Supplemental Security Income (SSI), he or she may not own more than $2,000 of assets.
A pooled special needs trust allows a disabled individual to retain unlimited assets to help cover their needs without disqualifying him or her from government assistance. The reason for this is because the assets contained in a properly set up special needs trust are not included in an individual’s resources regarding government benefits eligibility.
WHO CAN BENEFIT FROM A POOLED SPECIAL NEEDS TRUST
This type of trust can be beneficial to families who would like the benefits of a special needs trust without the burden of setting up and administering a separate trust.
If you do not have the training, time, or other resources needed to successfully manage a trust, a pooled special needs trust may be right for you. Pooled special needs trusts are typically administered by professional administrators, and the funds that are transferred into the pooled trust are then put together and invested by an investment manager.
Since pooled trusts allow contributions from several beneficiaries, these trusts should be able to make more stable investments and provide extra management services that other types of special needs trusts may not be able to provide.
If you are thinking about investing in a pooled trust, there are many factors you need to consider, and we can help you make an informed decision. Contact estate attorney Jose Lorenzo by calling (305) 999-5411, completing our online contact form or visiting one of our offices in Coral Gables and Ft. Lauderdale. We serve clients throughout the entire state of Florida.