What is a pooled trust?

A pooled trust is a type of trust used for individuals with disabilities in Texas. It was created to help families with limited resources manage and protect their assets for individuals with disabilities. A pooled trust allows people with disabilities to qualify for government benefits, such as Supplemental Security Income (SSI) or Medicaid, while also enabling them to manage and save for future expenses. A pooled trust is managed by a non-profit organization. The trust pools the assets of many people with disabilities in one account and divides the assets based on the individual’s needs. The trust also helps individuals with Medicaid eligibility. When an individual dies, the pooled trust pays any remaining debts, including Medicaid liens, before distributing the assets to the designated beneficiaries. The pooled trust is a great way for families of individuals with disabilities to save for their future and protect their assets. It also provides peace of mind, knowing that the assets are managed and protected for the individual’s long-term care. This type of trust is often used in conjunction with other legal planning documents, such as a special needs trust or a will. Overall, the pooled trust is an invaluable tool for individuals with disabilities and their families when it comes to managing finances and protecting their assets in Texas. It is important for families to talk to an elder law attorney to discuss the potential benefits and drawbacks of setting up a pooled trust.

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What is a pooled trust?

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