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
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.