The Florida Pooled Trust

"Relax, there are options for the future."

What is a Pooled Trust?

A Pooled Trust is a special type of trust that allows someone to become financially eligible for public assistance benefits while preserving their resources in trust for supplemental needs.  While not appropriate for everyone, the end result of joining a Pooled Trust is that trust beneficiaries can receive the public benefits that meet their essential needs while maintaining a supplemental fund that is available to meet their special, or supplemental needs which are not provided by public benefits.

Under current Federal Law, any assets held in trust will be counted against recipients of public benefits when those benefits have asset and income limits.  Any portion of the trust funds that can be reached will be counted as an asset, and any portion of the interest that could be paid out will be counted as income.  The result is that a recipient of public benefits will be disqualified and their benefits cut off.  In the case of someone who is applying for benefits, the application for public benefits will be denied.

In contrast to the above, Federal Law creates a specific exception that is commonly referred to as a Pooled Trust.  The recipient or applicant who places assets in a Pooled Trust will not be subject to the rules that normally apply to trusts.  Trust assets will not be counted as an available resource, nor will interest on the assets be counted as income.  The Florida Pooled Trust is currently the only functional Pooled Trust to offer this benefit in the state of Florida.

Trust Beneficiaries Receive Additional Value

Trust beneficiaries receive extra value in addition to the primary benefit of protecting their public benefits.  This added value is derived from the fact that funds are pooled for investment and management purposes. By virtue of the Pooled Trust's size, it can command better interest rates and other financial benefits from the market than would otherwise be available.

Another added benefit is that the Pooled Trust can offer commercial trustee and money management services to beneficiaries with even small to moderate amounts of money.  There is no minimum charge and the annual fee is only a modest percent of the fund.  This means that specialized Trustee services are now possible for individuals of modest means.

What Are the Basic Requirements for Joining the Trust

The beneficiary must be disabled as defined by law. For purposes of the Trust, "disabled" typically includes age-related infirmities.

The assets going into the beneficiary's Trust account must belong to the individual beneficiary.

The Trust account may only be established by a parent, a grandparent, a legal guardian, the individual beneficiary, or by a Court.

Each Trust account must be established solely for the benefit of the individual beneficiary.

Who can benefit?

The Florida Pooled Trust is available to recipients of personal injury settlements who need to apply for, or protect, government benefits and to the elderly who have become infirm or who reside or are soon-to reside in nursing home facilities.  However, it is not limited to these types of beneficiaries alone.  Recipients of government benefit programs and applicants for government benefit programs can also benefit from joining The Florida Pooled Trust.

How do Beneficiaries Join The Florida Pooled Trust?

There are two general requirements for joining the Trust.  The first requirement is that the beneficiary, or representative, must complete a Joinder Agreement.  Second, they must also contribute assets to the Trust.  There are other specific requirements, but the Joinder Agreement provides a set of instructions to be followed so that a beneficiary can more easily meet those specific requirements.

For what items can the Trust Funds be used?

The list below provides some examples for which supplemental payments may be made out of the Trust:

Geriatric care fees.

Guardian Fees.

Attorneys Fees.

Supplemental nursing care.

Medical procedures not provided through government assistance.

Differentials in housing costs between shared and private rooms in institutional settings.

Travel expenses.

Entertainment.

Any other expense not provided by government assistance programs.

The Trustee

The Center for Special Needs Trust Administration, Inc. (The Center) is a Florida not-for-profit corporation that offers a special solution to the special problem of finding satisfactory trustee services.  The Center offers this solution by providing specialized trustee services for special needs trusts.

The Center protects trust beneficiaries' eligibility for public assistance programs by engaging the services of a law firm that understands the strict requirements of maintaining financial eligibility.  The Center also engages a registered investment advisor so that trust beneficiaries receive the benefit and strength of professional money management.

The Center's unique combination of services can give trust beneficiaries and their families the peace of mind that comes from knowing public assistance benefits will be protected and that quality of life will be enhanced.

For more information, contact:

The Florida Pooled Trust

The Center for Special Needs Trust Administration, Inc.

3000 Gulf to Bay, Ste. 102

Clearwater, FL 33759

(877) 766-5331