What is a pooled trust?
A pooled trust is a kind of special needs trust used to help individuals with disabilities and their families plan for long-term care. In Texas, these trusts are managed by charitable organizations approved by the state government. The money in the trust is pooled together and managed by the organization, which is responsible for investing the funds and providing services or goods for the beneficiary. Generally, the money in the trust can be used for medical and dental expenses, payment of rent or mortgage, assistance with living expenses, and even to purchase recreational items like computers and vacations. Any funds left in the trust after the beneficiary passes away is used to benefit the organization that manages the trust. Pooled trusts are an excellent way for individuals with disabilities or limited incomes to ensure their long-term care needs are taken care of.
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