What is a pooled trust?

A pooled trust is a type of special needs trust that serves as a financial planning tool for people with disabilities in Iowa. It is specifically designed to provide additional financial resources to disabled individuals who qualify for certain government programs, such as Supplemental Security Income (SSI) and Medicaid. Pooled trusts are administered by nonprofit organizations that take contributions from multiple disabled individuals and place the money in a pooled fund. Each individual in the trust has their own account, which is managed by the nonprofit, and contributions made to the account are segregated from other accounts in the pooled trust. This configuration allows the trust to receive contributions from multiple sources, without impacting the individual’s eligibility for government benefits. The money in each individual’s account can then be used to pay for a variety of disability-related expenses, such as medical bills, education costs, or housing expenses. The funds can also provide supplemental income or a financial reserve to cover costs not covered by other government benefits. Pooled trusts can help ensure that a disabled individual in Iowa has access to the resources they need to lead a full and independent life, without sacrificing their eligibility for government assistance.

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