
Receiving a lump sum distribution such as inheritance or settlement can be a "double-edged-sword" for a SSI-qualified or Medi-Cal qualified individual.Putting the money into an account with the individual’s name causes loss of benefits, and self-creating a special needs trust requires the approval of a judge, which is not guaranteed and can be an expensive and time consuming process.
Federal law allows the creation of a “Pooled Trust” administered by a 501 (c ) 3 non-profit organization, with sub-accounts for each beneficiary. The beneficiary's inheritance or settlement money is used for supplemental needs only, according to guidelines set by SSI. By joining the pooled trust the disabled individual keeps the important public benefits that are integral to his or her long-term survival.
LEARN HOW: The SMB Special Needs Pooled Trust can help you.
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