What is a pooled trust?

A pooled trust is a type of trust that is used for disability planning law in South Carolina. It is administered by a non-profit organization that pools funds from different accounts and distributes them in accordance with established guidelines. The trust manager is allowed to invest the pooled funds, with any returns going to the pooled trust. In the context of disability planning law, a pooled trust is used to provide for the future needs of individuals with disabilities. Funds are deposited into the trust and the trust manager distributes funds as needed to cover medical expenses, food, housing, and other necessities. The funds are held in the trust and do not count towards any eligibility requirements for government assistance programs. The pooled trust provides an often-needed source of support for persons with disabilities who are unable to provide for their own care. Funds can be used to purchase an appropriate residence, cover medical expenses, provide for home healthcare services, pay for a vehicle, and provide other needed services and supports. The trust provides the individual with a secure source of income and financial stability. The pooled trust also has tax benefits for the person with the disability. The trust is not responsible for paying taxes on the funds, so any income generated is tax-free. This allows the individual to use the money for their own benefit without the worry of a large tax burden. Pooled trusts are an important part of disability planning law in South Carolina, providing a secure source of income and financial stability for persons with disabilities.

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What is a pooled trust?

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