Pooled Income Trusts
A pooled income trust is another type of irrevocable trust which diminishes the affect of the Medicaid Income limit to assist persons qualifying for Medicaid.
Trust beneficiaries are able to receive benefits while maintaining a fund to provide for special or supplemental needs not covered by public benefits.
Pooled trusts benefit from pooling funds as they may provide better interest rates and other financial benefits due to their size.
Pooled trusts can be used for, among other things, food, clothing, and shelter for persons not receiving SSI benefits, housing and related costs, private care and non-covered medical procedures, supplemented nursing care, payments to guardians, and attorneys fees.
If you would like more information about our trusts and estates practice, schedule an initial consult with us or call us today to speak with attorney.