What is a pooled trust?

A pooled trust is a type of financial instrument that is designed to help individuals with disabilities or special needs in South Carolina to manage their finances and access government benefits. It is a trust fund established by a nonprofit organization, such as the South Carolina Pooled Trust, Inc., which pools the resources of many individuals with disabilities and places them into a single trust fund. This trust fund is then used to pay for expenses related to the care and support of those with disabilities. The individual beneficiaries of the pooled trust are able to retain their government benefits and eligibility for services while also receiving funds from the pooled trust. The funds can be used for a variety of expenses, including medical bills, daily living expenses, and education or recreational activities. The funds in the pooled trust are also protected from creditors and are exempt from being collected by Medicaid when the beneficiary passes away. Beneficiaries of a pooled trust in South Carolina must meet certain eligibility requirements, including a showing of a disability that has been diagnosed by a medical professional and a need for assistance in managing finances.

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