Pooled trusts in New York allow individuals to protect eligibility for public financial assistance, such as Medicaid home care and Supplemental Security Income (SSI), while preserving their income and resources in trusts that can be used to pay for supplemental needs not covered by public assistance. In addition, since funds in these types of trusts are pooled for investment and management purposes, beneficiaries in pooled trusts can receive higher interest rates and other financial advantages.
Funds in pooled trusts can be used for all of the following and more:
- Living expenses such as food, shelter, and clothing for non-SSI beneficiaries
- Housing costs like rent, real estate taxes, and utilities
- Supplemental nursing care
- Private pay care services
- Medical procedures and care not provided by government assistance
- Travel expenses and entertainment
- Guardian and attorney fees
The Theresa Pooled Trust in New York
The Theresa Foundation was co-founded by Vincent J. Russo and was established in memory of his daughter, Theresa Alessandra Russo. The Theresa Pooled Trusts provides a number of advantages over most other pooled trusts, including:
- Low fees
- Personal service with one or two representatives familiar with your trust to handle your case. When you call, they’ll know you and your specific situation
- Quick turnaround time in getting your bills paid
- Support for the Theresa Foundation, which provides opportunities to children with special needs and their families through art, music, dance, and recreation locally and nationwide
3 Types of Theresa Pooled Trusts
- Theresa Pooled Income Trust preserves the beneficiary’s income for living expenses and supplemental needs.
- Theresa Pooled Asset Trust protects assets owned by a beneficiary (for example, assets from a lawsuit settlement or an inheritance).
- Theresa Foundation Community Trust is a third-party special needs trust for management and investment purposes that allows the person setting up the trust to contribute their assets for the beneficiary’s supplemental needs.
All of these trusts protect eligibility for means-tested government assistance such as Medicaid and SSI while providing a fund for supplemental needs and expenses not covered by government assistance.
Better yet, contact us today to schedule a consultation with one of our coordinators. We can help you choose the Pooled Trust that is ideal for your particular situation. We welcome the opportunity to address any of your questions or concerns.
Russo Law Group, P.C. helps you and your loved ones with Estate Planning, Elder Law, Special Needs Planning, New York Medicaid Planning, Trust & Estate, Guardianship, Small Business Planning, and Real Estate law. We welcome you to contact our Garden City, Lido Beach, or Islandia, New York, law offices to learn more about how we can help address your estate planning legal matters.
If you have questions or concerns about pooled trusts in Long Island and New York City communities, please don’t hesitate to contact the trust attorneys at Russo Law Group, P.C. While we have several office locations, we can also visit your home and offer virtual meetings for your convenience.