Get PLAN OF CONNECTICUT INC POOLED TRUST A POOLED TRUST FOR - Planofct

Creating a trust allows the child's parents or guardians and the adult child of a disabled parent to choose a trustee they feel comfortable with to handle their loved one's financial affairs and still maintain eligibility for various public benefits.

The PLAN Pooled Trust allows an individual with a disability to fund a trust account with his or her own assets, retain a lifetime benefit from those assets, and still qualify for entitlements. PLAN of CT is the only organization in the state that can administer a Special Needs Pooled Trust.

A Pooled Trust can be established for a disabled individual of any age, and must be established and managed by a non-profit association. A separate account is maintained for each beneficiary, but funds are “pooled” together for investment purposes.

A pooled trust is an irrevocable supplemental needs trust (SNT) that, under Federal and New York statute, allows people with disabilities and older adults seeking long-term care services to spend down excess funds in order to qualify financially or maintain eligibility for government benefits, such as Medicaid and/or ...

Each member of the pooled income trust has their own account. Funds deposited into their account can be used to pay bills in the member's name. Bills must be submitted to the trust and they are paid by an employee that works at the trust.

PLAN OF CT IS THE ONLY ORGANIZATION IN CONNECTICUT THAT ADMINISTERS A SPECIAL NEEDS POOLED TRUST. THIS TRUST HAS ALLOWED HUNDREDS OF CONNECTICUT RESIDENTS WITH DISABILITIES, MOSTLY THOSE OVER THE AGE OF 65, TO LIVE IN THEIR OWN HOME WITH ASSISTANCE RATHER THAN IN A NURSING HOME.

There are two types of trusts in Connecticut. A revocable living trust is a trust set up by an individual during his or her lifetime that can be completely changed or cancelled (revoked) at any time. An irrevocable living trust, on the other hand, is the second type and is not subject to revision or revocation.

A pooled trust is an irrevocable supplemental needs trust (SNT) that, under Federal and New York statute, allows people with disabilities and older adults seeking long-term care services to spend down excess funds in order to qualify financially or maintain eligibility for government benefits, such as Medicaid and/or ...