Pooled Trust

When Do You Need a Pooled Trust?

The care of our loved ones is a concern that we all share. Your clients want the best for their children, parents, siblings, and friends, especially if they have a physical or mental disability. Unfortunately, providing for them may not be as simple as writing a check. If your client’s family members receive Medicaid benefits, any increase in income can render them ineligible. And while Medicaid covers medical expenses, their needs likely go beyond that. There are a variety of living expenses that still need to be accounted for. An effective option to present to your clients is a pooled trust for Medicaid purposes.

About Pooled Trusts

A pooled trust or a (d)(4)(C) trust is administered by a non-profit organization, specifically designated for the trust. Individual beneficiaries make contributions to fund the trust. However, they all maintain their own accounts. Since the non-profit manages the funds of its beneficiaries, they are able to maintain their Medicaid eligibility. The money in each beneficiary’s account MAY be used for living expenses, such as clothing and transportation. Additionally, the family members of the beneficiary can create sub-accounts to provide funds for their family member.

When Do You Need a Pooled Trust?

A pooled trust works great as a special needs trust for Medicaid purposes, especially for individuals with limited income. If the individual or their family cannot afford to pay for extensive medical expenses, they will likely apply for Medicaid. However, Medicaid doesn’t cover all living expenses and if the individual receives funds from a family member as a gift or through an inheritance, it may not be enough to cover medical expenses and disqualify them from receiving Medicaid benefits. Pooled trusts not only alleviate this issue, they are more cost effective than other special needs trusts and can provide additional management services.

For more information or to schedule a consultation, please submit our contact request form or call (877) 242-0022.

Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.

TESTIMONIALS

I wanted to pass my highest recommendation to Synergy who we routinely get involved in cases when Medicare issues come up, especially when dealing with Medicare Set Asides. Synergy went beyond the call of duty in a recent case that was settled and dealt one-on-one with our clients and their family. They spent time on the phone with them to be sure they got all their questions answered and did a fantastic job dealing with Medicare.

J. Daniel Clark
Clark Martino, P.A.

"In my business as a plaintiff’s products liability lawyer, everything begins and ends with our clients. In our firm we never handle a significant case without the assistance of Synergy. Why? Very simple: we trust Synergy with our clients. Yes, Synergy only works with plaintiffs. And yes, they are highly technically proficient and know this business cold. But what makes them different from others is that they listen to our clients, make our clients comfortable with complex issues, and always put the interests of the client first. In my opinion, because of their unique ability to handle people with sincerity and compassion in their time of crisis, they stand head and shoulders above his competition."

Richard Newsome
Newsome Law Firm, Past President of Florida Justice Association

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