A special needs trust (also known as a “supplemental needs trust”) is a trust set up so a disabled person can receive income, yet still be able to receive government assistance like Social Security, Supplemental Security Income, Medicare, Medicaid, or subsidized housing. Although the money from a special needs trust cannot be spent on food or housing, it provides our clients with peace of mind by allowing for supplemental care over and above what the government provides. We have experts to make sure that these trusts are properly set up so the trustee can live comfortably and be financially able to maintain a positive lifestyle.
A pooled trust is a type of special needs trust that is set up and administered by a non-profit association. Like any other special needs trust, a pooled trust is created so a disabled person can receive additional income without becoming ineligible for government benefits. The funds of this trust are “pooled” for investment and management purposes, but are separately accounted for each beneficiary. A pooled trust can provide the beneficiary with better housing, medical care, and quality of life. If there are funds left after the disabled beneficiary’s death, the assets may be dispersed to the disabled individual’s beneficiaries once Medicaid is reimbursed for its costs.