What is a pooled trust?

A pooled trust is a type of trust specifically for people with special needs, such as those living with a disability, in North Carolina. This type of trust pools assets from a variety of individuals to specifically benefit those with special needs who have difficulty managing funds. The trust is managed by a nonprofit organization, such as a disability or aging services organization, and allows for more flexibility in how funds are used. The pooled trust generally offers services such as bill paying, detailed accounting, investment guidance, and estate planning. The funds within the trust are invested, and the earnings are used for the benefit of the beneficiary. The trust is also exempt from certain public benefits such as Medicaid, Supplemental Security Income (SSI), and housing subsidies, meaning that income from the trust generally does not affect eligibility for these programs. The pooled trust is one of the best ways to ensure that assets are held in trust for the benefit of a person with special needs. It is especially beneficial for persons with disabilities who may not be able to manage their own finances or for those who do not have family members who can serve as trustees. With a pooled trust, the organization serves as the trustee and ensures that the funds are used responsibly and in the best interests of the beneficiary.

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