Question 1

What is a pooled trust?

Accepted Answer

A pooled trust is a type of special needs trust managed by a non-profit organization. Multiple beneficiaries pool their resources together for investment purposes, but each person maintains a separate account. This structure allows individuals with disabilities to preserve assets without losing eligibility for government benefits like SSI and Medicaid.

Question 2

Who can benefit from a pooled trust?

Accepted Answer

Pooled trusts are ideal for individuals under age 65 with disabilities who receive or are eligible for SSI, Medicaid, or other means-tested government benefits. They're also helpful for people receiving a personal injury settlement, inheritance, or other lump sum that could jeopardize their benefits.

Question 3

How is a pooled trust different from a special needs trust?

Accepted Answer

Both protect government benefits, but pooled trusts are managed by a non-profit organization and allow you to join an existing trust. Individual special needs trusts require establishing a separate legal entity. Contact our team to discuss Priority Pooled Trust services and receive current fee information.

Question 4

What can trust funds be used for?

Accepted Answer

Trust funds can pay for expenses that enhance quality of life without jeopardizing benefits. This includes medical and dental care not covered by insurance, therapy services, education, transportation, home modifications, recreation, entertainment, vacations, personal care attendants, and much more. The trust cannot pay for food or shelter that would count as income for SSI purposes.

Question 5

How quickly can I access my funds?

Accepted Answer

Once your account is established, you can submit disbursement requests at any time. Most routine requests are processed within 3-5 business days. Emergency requests can often be handled more quickly. You work directly with your assigned account manager.

Question 6

What happens to remaining funds when a beneficiary passes away?

Accepted Answer

Upon a beneficiary's death, the trust must first reimburse any state Medicaid expenses. After that, remaining funds may be distributed according to the terms of your joinder agreement, which can sometimes name beneficiaries. Any funds that cannot be distributed typically remain in the pooled trust to benefit other members.

Question 7

Is my money safe in a pooled trust?

Accepted Answer

Yes. Pooled trusts are regulated by state and federal law and are managed by experienced non-profit organizations. Funds are held in FDIC-insured accounts and are professionally managed. Each beneficiary has a separate sub-account that is tracked individually, and detailed statements are provided regularly.

Question 8

Can I close my account if I change my mind?

Accepted Answer

Yes, you can close your pooled trust account, though the process depends on your specific situation and the trust agreement. If you no longer need the trust, we can help you understand your options and any implications for your benefits. Contact our team for current fee information and guidance about your situation.

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