Connors and Sullivan, Attorneys at Law, PLLC
For a complimentary consultation
212-235-1339 718-414-6209

Maintain freedom and options with a pooled income trust

You have worked hard throughout your life, and you deserve to enjoy your retirement. However, certain rules and regulations can make this difficult at times.

A pooled income trust may be beneficial if you are looking for a way to support yourself on your retirement budget. This option may even help you to stay in your home as you enjoy your golden days.

What it is

A pooled income trust is a fund individuals pay into in exchange for the trust paying their monthly bills. Non-profit organizations run these programs and follow strict rules. In fact, depending on how the state interprets the law, the trust option may not be available. Thankfully, pooled income trusts are a common option in New York.

What it does

Medicaid has strict rules that govern its application, and if individuals do not meet the proper requirements, they cannot receive the benefit. For seniors to receive Medicaid benefits, they cannot have income beyond a certain limit. Unfortunately, this is a common issue for seniors to face. Pooled income trusts allow individuals to contribute their "spend down," or the amount of money they receive beyond the Medicaid limit, and in return have their bills paid by the trust. This allows those individuals to cover all their bills, including their medical expenses.

Who may qualify

Medicaid has its own eligibility requirements, and there are stipulations on individuals participating in a spend down. Thankfully, most seniors over the age of 65 can qualify. As with any trust, pooled income trusts are ran by different organizations, so the requirements may vary. It is important that those individuals inquiring take their time to understand the stipulations of the trusts, as well as their distribution practices.

If you or a loved one is looking for the best way to distribute retirement and Medicaid benefits, a pooled income trust could be a great option. However, there is no one-size-fits-all option. Be sure to weigh your options and speak with knowledgeable professionals to aid in your selection.

No Comments

Leave a comment
Comment Information

Office Locations

Connors and Sullivan, Attorneys at Law, PLLC
7408 Fifth Avenue
Brooklyn, NY 11209

Phone: 718-414-6209
Fax: 718-238-2616
Brooklyn Law Office Map

Connors and Sullivan, Attorneys at Law, PLLC
880 Third Avenue
New York, NY 10022

Ph: 212-737-2700
Map & Directions

Bayside Queens:
Connors and Sullivan, Attorneys at Law, PLLC
200-20 Northern Boulevard
Bayside, NY 11361

Ph: 718-225-7200      
Bayside Law Office Map

Middle Village Queens:
Connors and Sullivan, Attorneys at Law, PLLC
79-43 Metropolitan Avenue
Middle Village, NY 11379

Ph: 718-238-6500
Middle Village Law Office Map

Staten Island:
Connors and Sullivan, Attorneys at Law, PLLC
1250 Hylan Boulevard
Staten Island, NY 10305

Ph: 718-238-6500  
Staten Island Law Office Map

Contact Our Firm

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Legal Leaders Presents Martindale-Hubbell | Top Rated Lawyers 2015 | Featuring AV Preeminent | Martindale-Hubbell Lawyer Rating NAELA | National Academy of Elder Law Attorneys, Inc. | Member | Leading the way in Special Needs and Elder Law