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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.

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