What is a pooled trust?

A pooled trust is a type of trust that allows people with disabilities to protect their income and assets while qualifying for certain public benefits in Washington State. It aggregates the resources of many people with disabilities into a single trust, managed by a non-profit organization called a “trustee.” The pooled trust can be used to pay for expenses on behalf of the disabled beneficiary, such as medical or living expenses not covered by public benefits. The pooled trust is a great option for people with disabilities who may want to retain eligibility for certain public benefits, such as Medicaid and Supplemental Security Income (SSI). These benefits sometimes have maximum limits for how much money a person can have in their own personal account. By transferring assets to a pooled trust, the beneficiary can still receive those benefits, while also preserving the assets held in the trust for future use. When a pooled trust is set up, the trustee is responsible for managing the trust funds according to the laws governing disability trusts in Washington State. This includes preparing and filing reports, collecting contributions from trust beneficiaries, and disbursing funds for allowable expenses. The trust also includes a payback provision, which ensures that any remaining funds in the trust are paid back to the state after the individual’s death. Overall, a pooled trust is a great way for people with disabilities to protect their assets while still qualifying for public benefits. It is important to work with an experienced attorney and/or financial planner to ensure the trust is set up correctly.

Related FAQs

Is there a time limit for filing a disability claim?
What kind of information should I include in my Letter of Intent?
What is the Americans with Disabilities Act (ADA)?
What is a Nursing Home Care Plan?
What is the difference between Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI)?
How can I protect the assets of my disabled family member?
What is the timeline for appealing a decision?
What is an advanced medical directive?
What is a living will?
What is a private disability insurance policy?

What is a pooled trust?

Related FAQs

Related Blog Posts