The Legacy Enhancement pooled special needs trust was created to manage funds for supplemental needs and assist in enriching the quality of life of our clients. Designed for individuals who have a disability or special needs and who have received money from a divorce, legal settlement, or inheritance, the pooled special needs trust can provide you and your loved ones with lasting security and ongoing support.
At Legacy Enhancement, our goal is to ease the burden of financial management and help our clients retain the governmental assistance they need.
What is a Pooled Special Needs Trust?
Pooled special needs trusts, unlike other types of trusts, are managed by non-profit organizations, rather than a single trustee. With pooled trusts, each beneficiary has a separate established account. These accounts are pooled together for the purpose of trust management and investment. In self-settled trusts, otherwise known as (d)(4)(C) pooled trusts, the individuals with the disability/special needs, parent, guardian, grandparent, or a court establishes each subaccount. In such cases, the assets of the disabled or special needs person fund the trust.
Economic benefits of a pooled special needs trust include:
- Disbursements can only be used for approved goods and services;
- Money in a pooled special needs trust is invested by money managers, and beneficiaries receive earnings based on their share of the principal;
- Financial statements are automatically sent to beneficiaries every quarter and online access is available for real-time balance information;
- Legacy Enhancement works with beneficiaries to retain their government benefit recipient status.
Why Should You Enroll in a Pooled Special Needs Trust?
There are many advantages to utilizing a pooled special needs trust, whether you are funding it with hundreds of thousands of dollars or a more limited amount.
1. LESS WORK FOR LOVED ONES
In a typical special needs trust, a family member will have to manage the trust on behalf of the beneficiary, a position known as the trustee. The trustee must be financially savvy enough to maintain and correctly execute the trust on the beneficiary’s behalf. This is a lot of work for a single person!
However, at Legacy Enhancement, our highly skilled trust managers will ensure that your loved one’s money is handled correctly. No one in your family will have to take on the job of managing money, and you can rest easy knowing your loved one’s assets are in good hands.
2. PRACTICE MAKES PERFECT
Managing a trust is no simple task, and there’s a lot of extra paperwork to do with special needs trusts because they directly impact Medicaid and SSI benefits. Unfortunately, one small miscalculation on the trustee’s part can make a loved one lose their benefits. However, with a pooled special needs trust, the trust’s manager will be experienced in every aspect of special needs trust management.
By choosing to work with Legacy Enhancement, you gain access to an experienced team that is:
- Knowledgeable about various income and asset-related agency rules
- Capable of working with Medicaid and SSI on your behalf
- Attentive to the unique needs of disabled individuals and their caregivers
- Dedicated to easing the financial responsibility for beneficiaries and their loved ones
3. FREE CONSULTATIONS
Legacy Enhancement offers free consultations for all potential clients. That means you are only one phone call away from peace of mind for your loved one’s special needs!
Professionally managed and invested trusts
Capable of handling trusts of all sizes
Your family member or client will be cared for, no matter the size of the trust.
Ability to help maintain needs-based governmental assistance
Low trust establishment costs and maintenance fees