The Pooled Trust
By: Carl A. Glad Esq
Partner, Law Offices of Kurt M. Ahlberg
A Pooled Trust is an important resource available to assist applicants of public assistance programs especially Medicaid, or Title 19 as the same is often called. A Pooled Trust is a potential necessity for some individuals especially those over age 65. A Pooled Trust allows an individual to set aside assets so that they are not counted as such when applying for and maintaining certain benefits. Additionally, the funds within the Trust can be used to provide for supplemental care above the public assistance.
The most common reason to create a Pooled Trust is to lower income and asset levels. Most public assistance programs have income and asset limitations that must be met before qualifying for benefits. Additionally, those same levels must be maintained in order to remain eligible for benefits. For instance, Title 19 has both asset and income limitations. Often an individual may not have enough resources to pay for their in-home or nursing home care but their asset or income levels are above those mandated by the State. A Pooled Trust provides a method to qualify for benefits while still using those assets for their general needs. A Pooled Trust allows an individual to place a lump sum or monthly contribution into the Pooled Trust. The Pooled Trust can hold those funds and make payments for the beneficiary. Most importantly, the assets in the Pooled Trust will not count as assets when applying for and maintaining eligibility for Title 19.
In Connecticut a Pooled Trust can only be created through PLAN of Connecticut. This organization is chartered by the State Legislature and manages all Pooled Trusts within the State. There are a number of legal documents that must be reviewed when applying for a Pooled Trust. PLAN of Connecticut also requires that all applicants meet with an attorney is on an approved list. If you are considering applying for public assistance, including Medicaid, you should consult a qualified elder law attorney that is also eligible to work with PLAN of Connecticut.
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