Pooled Trusts allow individuals to protect eligibility for public financial assistance, such as Medicaid home care and SSI, while preserving their income and/or resources in trusts that can be used to pay for supplemental needs not covered by public assistance. In addition, since funds in these types of trusts are pooled for investment and management purposes, beneficiaries in Pooled Trusts can receive higher interest rates and other financial advantages.

Funds in Pooled Trusts can be used for all of the following and more:

  • Living expenses such as food, shelter and clothing for non-SSI beneficiaries
  • Housing costs like rent, real estate taxes and utilities
  • Supplemental nursing care
  • Private pay care services
  • Medical procedures and care not provided by government assistance
  • Travel expenses and entertainment
  • Guardian and attorney fees

The Theresa Pooled Trust

The Theresa Pooled Trust provides a number of advantages over most other types of Pooled Trusts, including:

  • Lower fees
  • Personal service. One or two representatives who are familiar with your trust will handle your case. When you call, they’ll know you and your specific situation
  • Quick turnaround time in getting bills paid
  • The Theresa Pooled Trust supports the Theresa Foundation, which in turn provides support to children with special needs and their families through art, music, dance and recreation both locally and all over the country

There are three types of Theresa Pooled Trusts: The Theresa Pooled Income Trust, the Theresa Pooled Asset Trust and the Theresa Foundation Community Trust. All of them protect eligibility for means tested government assistance such as Medicaid and SSI while providing a fund for supplemental needs and expenses not covered by government assistance. The Theresa Pooled Income Trust preserves the beneficiary’s income. The Theresa Pooled Asset Trust preserves assets left to the beneficiary by a loved one or received from a settlement. The Theresa Foundation Community Trust is a Third-Party Special Needs Trust pooled for management and investment purposes. Its primary purpose is to allow grantors to contribute assets for the beneficiary’s supplemental needs.

To learn more about Theresa Pooled Trusts, visit http://theresafoundation.org/pooled-trust/.

Better yet, contact us today to schedule a consultation with an attorney. We can help you choose the Pooled Trust that is ideal for your particular situation. We welcome the opportunity to meet you in person.

To view a complete list of the Pooled Trusts available in New York, click here.