The Arc Jacksonville Pooled Trust is a Special Needs Trust for persons with disabilities. 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 manage funds for supplemental needs during a beneficiary’s entire life. A beneficiary can receive funds from such a trust without compromising public support such as Medicaid, Medicaid Waivers, Supplemental Security Income (SSI) and certain other benefits available through the state of Florida. Thus, individuals with disabilities who receive an inheritance, or an insurance settlement, that would jeopardize benefits can deposit the money in a pooled trust and not lose the benefits.
What does “Pooled” refer to?
Funds from individuals or interested parties are “pooled,” or combined, to meet standard requirements (usually $250,000 or more) for a professionally managed trust account. 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 only to provide “supplemental needs,” rather than basic needs, such as housing and food. Supplemental needs can include costs of hobbies, vacations, recreational activities, as well as extra training in vocational and independent living skills.