Our Trusts
The Theresa Foundation in partnership with the Center for Special Needs Trust Administration has created the family of Theresa Pooled Trusts:
The Theresa Pooled Trust (sometimes referred to as a “Exempt Pooled Special Needs Trust”)
is focused on protecting seniors and people with disabilities, by allowing them to access government benefits. The Theresa Pooled Trust is an “Exempt Trust” under the Medicaid and SSI eligibility rules as long as certain conditions are met.
For example, seniors of any age may have excess monthly income which must be spend down before they can receive Medicaid home care services in New York. This loss of income can have a dramatic impact on that person’s ability to remain in the community and their quality of life. The TPIT allows seniors and people with disabilities to protect their excess income by funding a TPIT subaccount. The funds in that account can then be utilized for their benefit.
Any remaining funds in the beneficiary’s subaccount upon the demise of the beneficiary are utilized to support people with disabilities and to fulfill the mission of the Theresa Foundation. Otherwise, these funds would have to be paid over to New York State’s Medicaid program.
The Theresa Pooled Trust (sometimes referred to as a “Exempt Pooled Special Needs Trust”) is focused on protecting seniors and people with disabilities, allowing them to access government benefits. The Theresa Pooled Trust is an “Exempt Trust” under the Medicaid and SSI eligibility rules if certain conditions are met.
For example, people with disabilities (such as cerebral palsy, autism, or a personal injury) who are under age 65 can fund this Trust with their own assets and immediately qualify for Medicaid and Supplemental Security Income (SSI). The funds are then held by the TPAT in a segregated accounts (referred to as a subaccount) which then can be used for the sole benefit of the beneficiary during their lifetime.
Upon the demise of the beneficiary, any remaining funds in the beneficiary’s subaccount are utilized to support people with disabilities and to fulfill the mission of the Theresa Foundation. Otherwise, these funds would have to be paid over to New York State’s Medicaid program.
This is another type of Pooled Trust, sometimes referred to as a “Third Party Exempt Pooled Special Needs Trust”, which is exempt under the Medicaid and SSI eligibility rules.
Unlike the Theresa Pooled Income Trust or Asset Trust, this trust is funded with the assets of a third party, such as parents of the person who is disabled and not with the beneficiary’s assets.
The funds in the Trust can be used to supplement the living expenses of the beneficiary, as well as enhance their quality of life. Another important distinction is that the remaining assets upon the beneficiary’s demise primarily pass to the named beneficiaries of the sub-account (such as family members) with a small amount passing to the Theresa Foundation.
The Center
Learn more about The Center For Special Needs Trust Administration, Inc.