Learn more about the
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For how to get started, scroll to the bottom of this page! |
In order to receive needs-based public benefits, such as SSI or Medicaid, an individual with disabilities cannot have more than $2000 in countable assets. It frequently happens that an individual receives assets in his or her own name - by getting an unexpected gift, winning a lawsuit, receiving a lump sum of retroactive benefits, etc. - which jeopardizes ongoing eligibility for SSI or Medicaid. In such cases, sheltering the individual's assets in a Pooled Trust may be a valuable tool for keeping needed public benefits, while insuring that the private assets will still be usable for the individual's benefit.
Our law firm administers the Hope Network Foundation Pooled Trust. In 1999, Hope Network set up a master pooled trust agreement. Individuals with disabilities may "join" that trust, adding their funds to the pool. Each participant in the Pooled Trust has a separate sub-account, so that his or her funds are not co-mingled with the funds of others. But the funds are administered and invested together to reduce costs and get a higher rate of return. Individuals with disabilities can join on their own, or a parent, grandparent, legal guardian, or court can join on their behalf, depending on the circumstances. Hope Network is the legal trustee, but our firm serves as the agent of the trustee.
Our law firm helps individuals analyze whether the Hope Pooled Trust is a good option given all the facts in each particular case. We then help individuals join the Trust. And, once the assets have been transferred to the Trust, we help with disbursements and other administrative matters.
A Pooled Trust may be an especially good option if the individual with disabilities does not have a suitable family member to serve as trustee, or if the cost of establishing an individualized Special Needs Trust or paying for professional trustee services would be cost prohibitive.
Our law firm administers the Hope Network Foundation Pooled Trust. In 1999, Hope Network set up a master pooled trust agreement. Individuals with disabilities may "join" that trust, adding their funds to the pool. Each participant in the Pooled Trust has a separate sub-account, so that his or her funds are not co-mingled with the funds of others. But the funds are administered and invested together to reduce costs and get a higher rate of return. Individuals with disabilities can join on their own, or a parent, grandparent, legal guardian, or court can join on their behalf, depending on the circumstances. Hope Network is the legal trustee, but our firm serves as the agent of the trustee.
Our law firm helps individuals analyze whether the Hope Pooled Trust is a good option given all the facts in each particular case. We then help individuals join the Trust. And, once the assets have been transferred to the Trust, we help with disbursements and other administrative matters.
A Pooled Trust may be an especially good option if the individual with disabilities does not have a suitable family member to serve as trustee, or if the cost of establishing an individualized Special Needs Trust or paying for professional trustee services would be cost prohibitive.
What can the trust pay for?
While public benefits such as SSI or Medicaid can often be crucial for an individual with disabilities, they don't always cover all of his or her needs or desires. Special Needs Trusts are fantastic tools for setting aside private funds to pay for a wide variety of things for which there is no other source of payment. Examples include: uncovered dental services, extra in-home support services and respite care, uncovered healthcare or therapies, travel, recreation, transportation, education, internet, cable TV, and more. Remember, however, that if the individual is receiving SSI, the trustee must be careful not to use the trust funds for items that SSI is meant to cover, such as basic food and shelter.
Getting Started:
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If you are interested in joining the Hope Network Pooled Trust, you can start by filling out the first page of the Joinder Agreement and emailing it to us.
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In our Guidelines for Participation, you can find more information about the rules and guidelines for participating in the Pooled Trust.
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Please view our Request for Payment Form as an example of how you would request payments to be made from the Pooled Trust.
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DANIEL L. BLAUW, PLC
Attorneys and Counselors at Law 2020 Raybrook SE, #204A Grand Rapids, MI 49546 |
Call us:
(616) 336-5098 Fax: (616) 459-6792 |
Attorney Daniel L. Blauw
danblauw@gmail.com Attorney Sarah L. Kirkpatrick sarah_kirkpatrick@comcast.net |
