What Is A Pooled Trust In Massachusetts

Depending on the trust a beneficiary might work with a social worker or other trust advisor to tailor a funds distribution plan that fits his lifestyle.

What is a pooled trust in massachusetts.

A pooled trust is a special type of trust that allows individuals to become financially eligible for public assistance benefits while preserving their resources in trust for supplemental needs. A pooled trust would have solved this problem. A pooled trust is a trust established and administered by a non profit organization. Page 2 d 4 c pooled trusts attorney john l.

Roberts 1200 converse street longmeadow ma 413 567 5600 return to. For this reason pooled charitable trusts are a common means of preserving assets so they remain available to improve the quality of life of a masshealth recipient. Established in 1995 the marc trust is the oldest pooled trust in massachusetts. Although the funds placed in a pooled trust are invested together each beneficiary s account remains his own.

A separate account is established for each participant. The overall goal of a pooled trust is to provide financial security to all people with disabilities and a higher quality of life. In massachusetts there are several pooled trusts managed by non profit organizations. This is a self settled or d 4 c trust funded with assets belonging to the individual with a disability assets often obtained through an inheritance.

The assets in the pooled trust must be used exclusively for the benefit of the beneficiary. A pooled trust is a special needs trust where the funds of many people are pooled in one account for investment purposes. While not necessary for everyone the end result of joining a pooled trust is that trust beneficiaries can receive the public benefits that meet their. It is a specific kind of trust available to people meeting disability requirements and is an exception to the medicaid rules discussed above.

The funds income and disbursements from each account are strictly separate. Assets transferred into a pooled trust do not incur a penalty period and the amount held within the trust is not considered a countable asset. A master trust document allows funds to be set aside for many persons with a disability.