A pooled trust is an irrevocable supplemental needs trust (SNT) that, under Federal and New York statute, allows people with disabilities and elderly individuals to spend down excess funds in order to become financially eligible for government benefits such as Medicaid and/or Supplemental Security Income (SSI).
Pooled trusts give people with disabilities a way to qualify and maintain eligibility for benefits while utilizing the excess funds they deposit into the trust to pay for items and services not covered by those benefits.
In accordance with Federal statute, pooled trust accounts close upon the death of the beneficiary. Any funds that remain in the account must be retained by the trust or paid to the State(s) that provided Medicaid services on behalf of the beneficiary.
Who is eligible for a Pooled Trust?
New York residents of any age who are disabled as defined by Social Security Law can establish a pooled trust to deposit excess monthly income and/or resources so that those funds are no longer considered when determining a person's eligibility to receive services through means-tested government benefits.
Benefits of a Pooled Trust
NYSARC's Community Trusts are pooled trusts, which qualify as supplemental needs trusts for people with disabilities as described under Social Security Law Section 1614(a)(3)[42 USC 1382c(a)(3)]. These programs are first party SNTs, meaning they are are funded with the personal income and/or assets of the person with disabilities:
Not sure which trust is best for you? Call (518) 439-8323 and our team can help guide you!
Pooled trusts are established and managed by a not-for-profit organization, such as NYSARC, and a financial institution serves as co-trustee. Each beneficiary has their own sub-trust account, however the funds are pooled for investment and management purposes.
As Trustee, NYSARC will administer the account and distribute funds for the sole benefit of the beneficiary to purchase eligible items and services when provided with required documentation. Once the funds are deposited into the trust, the money cannot go back to the beneficiary directly in order to protect their eligibility for benefits.
Trust funds can pay for many things, but not all requests can be paid in order to comply with the policies set by the Social Security Administration's (SSA) program operations manual system (POMS).
If you have questions, give us a call at (518) 439-8323! We have an exceptional customer service team available weekdays from 8 AM - 5 PM who would be happy to assist you.
NYSARC Trust Services has been administering supplemental needs trusts since 1972, helping thousands of people protect their eligibility for benefits. We are also New York's original provider of pooled trusts to meet Medicaid's income spend-down requirement. To learn more, see why so many people choose NYSARC Trust Services!
NYSARC Trust Services representatives have always been very professional and wonderful people to work with. They are doing great work with helping people in need.
Yours is the golden standard by which all agencies should be measured.
The quality of service offered by NYSARC Trust Services is unparalleled.