ASK Pooled Trust
The Arc Jacksonville Pooled Trust is a Special Needs Trust for persons with disabilities, established pursuant to Federal law, 42 U.S.C. §1396p (d)(4)(C). The Arc Jacksonville, Inc. serves as the non-profit trustee of the Trust.
What is a Pooled Trust?
The Arc Jacksonville Special Needs Trust is a “Pooled Trust” fund created to meet a stated need by individuals and parents for a professionally managed trust that will manage funds for supplemental needs during the beneficiary’s entire life. This will be done without compromising public support such as Medicaid, Medicaid Waivers, Supplemental Security Income (SSI) and certain other benefits available through the state of Florida.
What does “Pooled” refer to?
In order for the trust to be established and professionally managed, funds from individuals or interested parties are combined to take advantage of economies of scale. Most individuals cannot create their own professionally managed trust because they don’t have the minimum amount of money required by a private institution (usually $250,000.00 or more). Even though the funds are “pooled” each beneficiary will have a separate account consisting of his or her assets.
The income from the trust is used specifically to provide “supplemental needs” for the beneficiaries. Supplemental needs are distinguished from basic needs, such as housing and food, which are generally covered by wages and/or public assistance. Supplemental needs include costs of hobbies, vacation trips, recreational activities and socialization programs, as well as augmenting training in vocational and independent living skills.
A trust account can be funded with a lump sum or through an installment account. Individuals with disabilities who receive money that would jeopardize benefits may deposit the money in a pooled trust and not lose the benefits. The account may also be established for future funding, which is especially important for parents who plan to leave assets to the trust as part of an estate settlement.
This flexible setup allows some accounts to be funded on the death of a parent or another donor, while other accounts will be funded while donors are still living. For accounts funded through an installment plan, supplemental needs funding may be available to the beneficiary when the account assets reach an established minimum. Because there are many possible funding considerations, families will be encouraged to determine their unique needs with the guidance of their attorneys, financial advisors and The Arc Jacksonville Special Needs Pooled Trust.
After a trust account is funded, assets cannot be withdrawn. Only the Trustee can disperse principal and income from the account. The beneficiary’s family/guardian will be the most important source of information about the beneficiary’s supplemental living needs.
- Once a trust account is established, family members or other interested parties will make written requests for disbursements to the Trust. Disbursements are made on behalf of the beneficiary. For example, if the beneficiary wants to buy a bicycle, the check is made out to the vendor.
The Arc Jacksonville Special Needs Pooled Trust Services
The primary purpose of the Trust is to provide a means for managing financial resources that will benefit a person with disabilities throughout his or her lifetime. The intent of the Trustee is to act in the best interest of the beneficiary. For more information about The Arc Jacksonville Special Needs Pooled Trust and the services provided contact ASK at The Arc Jacksonville .
Please click here to download the Pooled Trust Brochure.
