What is a pooled income trust?

A pooled income trust (PIT) is a type of trust that is used in Washington to allow people with disabilities to receive income without jeopardizing their eligibility for government benefits like Social Security Income (SSI) and Medicaid. The trust is managed by a non-profit organization and pools the funds from multiple account holders into one fund. The trust then pays out a portion of the pooled funds to the disabled individual, but the beneficiary does not have full control over the funds. The trust must also pay for any expenses related to the individual’s disability, such as medical bills or assisted living costs. Any remaining funds are usually returned to the trust to continue to grow. The trust also typically has an independent board of directors that ensures the funds are managed appropriately and in accordance with Disability Planning Law in Washington. This type of trust is a great way for people with disabilities to receive regular income without having to worry about losing their eligibility for government benefits.

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