Pooled Trust

 

·        The Social Security Act created the concept of a “Pooled Trust”. See 42 U.S.C. §1396p(d)(4)(C). A person with a disability can create an account in a Pooled Trust to protect his or her eligibility for Medical Assistance, Waiver Services and Supplemental Security Income.

 

·        The person can save funds rather than spend down for unnecessary items just to preserve eligibility for essential supports and services.  

 

·        The assets in the Pooled Trust are used for the benefit of the person with a disability to improve his or her quality of life.

·        The assets of all the beneficiaries in a Pooled Trust are combined (or “pooled”) for investment purposes so the trustee can have more investment possibilities. The trustee still separately accounts for each person’s interest in the Pooled Trust.

 

·        The person with a disability, his or her parent, grandparent, or guardian, as well as any Court, can create an account in a Pooled Trust to benefit the person with a disability.

 

·        If all funds in the Pooled Trust account have not been spent by the time the person with a disability dies, all remaining money becomes part of a charitable fund to benefit other people with disabilities in need.

 

·        ACHIEVA Family Trust operates the largest Pooled Trust in Pennsylvania and serves several people in other states. ACHIEVA Family Trust adds case management and social work expertise to the traditional role of corporate trustee.

 

 

1.      Can be established by the individual with a disability.

 

2.      Trust accounts can be established quickly.

 

3.      Protects assets from spend down.

 

4.      Funds are pooled for investment.

 

5.      No need for a successor trustees.

 

6.      Limited or no start-up costs due to use of standard documents.

 

1.      Created by a person with a disability, by his or her parent, grandparent, or guardian, or by a Court.

 

2.      Trust is established and maintained by a nonprofit association.

 

3.      Funds are pooled for investment but accounted for separately.