Any advice or experience in dealing with a pooled trust?

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Gerip1092 Asked December 2018

Any advice or experience in dealing with a pooled trust?

Hi,

We are in the process of applying for Medicaid ( Mass health). Our lawyer is pushing for us to put the excess in a pooled trust. Does anyone have any advice or experience in dealing with a pooled trust? Any issues getting things for the recipient? It was explained to me that someone would come out to meet with me & my mom & determine her needs, wants (getting hair done, nails, clothes). Just don't want to make the wrong decision.

Thanks!

Financial Planning Medicaid Paying for Care

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score 1 · Answer 1

We have a pooled trust and it works fine. We pay her utilities out of the pooled trust -- send them receipts and they make out the checks. There is a small administrative fee but worth it to keep her eligible for medicaid.

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Thank you, ate there limits on what it can be used for? Example, decorations for her room for the holidays, special snacks?

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score 1 · Answer 2

It makes it possible for her to be on Medicaid. Since her income is over what Medicaid allows, and she does not have resources to pay out of pocket, the overage is put in a special account for Medicaid to claim when mom passes. It is a work around when resources are limited.

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score 1 · Answer 3

Its called a Miller trust in NJ. Your LOs income must exceed what Medicaid allows. So, the trust is set up for the overage. Once the LO passes, the trust money goes to Medicaid.

Another member may know more about Mass.

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So what's the advantage of having a trust over selling all assets and using for care?

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Any advice or experience in dealing with a pooled trust?

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