The Theresa Foundation Pooled Trusts

Until further notice, the Theresa Pooled Trust is currently not accepting new Beneficiary Trust Applications.

If you are an existing Trust Beneficiary, your trust account will continue to be administered by The Center for Special Needs Trust Administration, Inc. at 727-894-4489.

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Frequently Asked Questions

How Does the Theresa Pooled Trust Help Me?

The Theresa Pooled Trust is a special type of trust that allows individuals to become financially eligible for public assistance benefits, such as Medicaid home care and SSI, while preserving their resources and/or income in a trust for their supplemental needs.

 

Under current Federal Law, any assets and income in an ordinary trust that is available to the recipient of the benefits will be counted against recipients of public benefits when those benefits have asset and income limits such as Medicaid and Supplemental Security Income – SSI. Any portion of the trust funds that can be reached will be counted as an asset, and any portion of the interest that could be paid out will be counted as income. As a result, recipients of public benefits will be disqualified, and their benefits discontinued. In the case of someone who is applying for benefits, the application for public benefits will be denied.

Are There Different Types of Pooled Trusts?

Yes, there are three types of Pooled Trusts: (i) the Theresa Pooled Income Trust, (ii) the Theresa Pooled Asset Trust and (iii) the Theresa Foundation Community Trust.

What Makes Your Trust Different Than Other Pooled Trusts?

  • We have highly competitive fees for opening and managing the account.
  • Quick turnaround time with establishing your sub-account and getting your bills paid.
  • When you call to speak to someone, you will not be speaking to many representatives who do not know you or your situation. At The Center, they have a team approach. One or two representatives will be dedicated to you and your trust sub-account.
  • The Theresa Pooled Trusts supports the Theresa Foundation which in turn helps support programs in the arts for children with special needs.

Are There Limits on How the Pooled Trust Funds Can Be Expended?

Funds in the Trust may be used for any of the below expenses:

 

  • Living expenses, including clothing, food, and shelter for non-SSI beneficiaries
  • Housing costs such as utilities, rent, or real estate taxes
  • Private pay care services
  • Supplemental nursing care
  • Medical procedures not provided through government assistance
  • Entertainment and travel expenses
  • Attorney and Guardian fees
  • Any other expenses not provided by government assistance program

 

Please note that since the Trust is a sole benefit trust, only expenses in the beneficiary’s name or for the beneficiary’s sole benefit can be paid for by the Pooled Trust. In addition, if the beneficiary is on SSI, any payments for their rent and basic utilities will result in a 1/3 reduction in their SSI benefits. In such case, the sub-account should be first used to pay non-housing expenses first.

How Do I Join?

You can either: (i) elect to fill out the paperwork and sign the joinder agreement found here and submit it for approval on your own, (ii) contact The Centers for assistance or (iii) retain the services of elder law/ special needs attorney to assist you with the submission of documentation.

Do I Need an Attorney to Represent Me?

Although it is not necessary, it is in your best interest to consult with an attorney first who can advise you as to eligibility for Medicaid and/or SSI.

What is the Theresa Pooled Income Trust?

The Theresa Pooled Income Trust is a special type of trust that allows a beneficiary of any age to become financially eligible for public assistance benefits, such as Medicaid home care, while preserving their monthly income in trust for living expenses and supplemental needs.

What Are the Fees for the Theresa Pooled Income Trust?

There is a one-time opening fee of $175 as well as a monthly service fee based on your monthly deposit. View the fee schedule.

When opening the trust, a one month reserve may be required. In such case, your first month’s deposit into the trust goes into a reserve account and cannot be spent.

What is the Theresa Pooled Asset Trust?

The Theresa Pooled Asset Trust is a special type of trust that allows a person who is disabled to become financially eligible for public assistance benefits, such as Supplemental Security Income (SSI) or Medicaid long term care, while preserving assets a loved one may have left them, or they may have received from a settlement.

What Are the Fees for The Theresa Pooled Asset Trust?

There is a one-time administrative fee of $2,500 as well as an annual trustee fee of 2% of the assets held in the Pooled Trust. Additional costs will also be charged as additional services become necessary or advisable. Some examples of additional costs include costs for asset management fees; professional fees for attorneys, guardians, and care managers; real estate management, termination fees, and supplementary administrative services.

What is The Theresa Foundation Community Trust?

The Theresa Foundation Community Trust is a Third-Party Special Needs Trust that is pooled for management and investment purposes. The primary purpose and objective of the Theresa Foundation Community Trust is to provide family with the ability to contribute assets to supplement the needs of a loved one while simultaneously protecting that person’s means-tested benefits such as SSI and Medicaid.

What Are the Fees for the Theresa Foundation Community Trust?

There is a one-time administrative fee of $2,500 as well as an annual trustee fee of 2% of the assets held in the Pooled Trust. Additional costs will also be charged as additional services become necessary or advisable. Some examples of additional costs include costs for asset management fees; professional fees for attorneys, guardians, and care managers; real estate management, termination fees, and supplementary administrative services.