A pooled trust is a type of trust that allows persons to become financially eligible for public assistance benefits. And preserves their resources in trust for supplemental needs. Any asset that is reachable by a creditor, or for purposes of Medicaid planning, considered to be an asset, will be counted as just that and disqualify a person from receiving public assistance. By joining a pooled income trust, then you can still qualify for public assistance.
Pooled trust funds can be used for living expenses like:
- Housing costs (for example, utilities)
- Travel expenses
- Attorney fees
And any other expense not provided by government assistance programs.
Any money left in the trust after the person dies is generally kept by the nonprofit organization running the trust or paid by to Medicaid. It is important to consult with an attorney to determine whether a pooled income trust is the right vehicle for you.