A Pooled Trust is a trust that can be established by a person on Medicaid, or by their parent, grandparent, guardian or a court. All pooled trusts must be operated by a non-profit corporation. The non-profit “pools” the assets of all of the persons who have set up a trust in the pooled trust, and collectively invests the funds. The pooled trust company separately accounts for each person’s assets. The attorneys at Solomon, Steiner & Peck, Ltd. have worked with pooled trust companies all over the country.
What Can Money in a Pooled Trust Be Used For?
The money held in a pooled trust is not counted for Medicaid or SSI for qualified individuals; however, it can be used to pay for goods and services for the individual getting Medicaid or SSI, with limited exceptions.
A person on Medicaid in a nursing home only receives up to $50 a month to spend. A pooled trust can help supplement this amount to allow the Medicaid beneficiary to purchase things they need, including additional care, grooming (such as hair coloring and hair care), internet access, and other care and services.
About Pooled Trusts in Ohio
Ohio currently allows pooled trusts for those 65 and older, but many states do not. Upon the death of the individual on SSI or Medicaid, the assets remaining in the trust generally will either stay in the trust to support the non-profit pooled trust company, or it can go to pay back the State of Ohio up to the amount of money that Medicaid paid for the individual.
To learn more about pooled trusts in the state of Ohio, please schedule a consultation with the attorneys of Solomon, Steiner & Peck, Ltd. With law offices in Westlake, Independence, and Mayfield Heights, we have served the northeast Ohio community with outstanding legal counsel for more than 25 years.