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I’m helping a man on SSI, Medicaid and food stamps in PA. He…

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I’m helping a man on...
I’m helping a man on SSI, Medicaid and food stamps in PA. He is inheriting a $13,000 annuity. He wants to use the money to pay upfront for rent for let’s say 4 years in one lump sum. Will this be counted as a resource or disqualify him for SSI, PA Medicaid, or PA food stamps? And will this be considered in kind Support for the pro rated amount every month?
Submitted: 7 months ago.Category: Estate Law
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12/7/2017
Estate Lawyer: RayAnswers, Attorney replied 7 months ago
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 48,144
Experience: Texas lawyer for 30 years in Estate law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Estate Lawyer: RayAnswers, Attorney replied 7 months ago

It would be counted for SSI and medicaid.The way around this is a Master Pooled
Trust. AN MPT can be opened, they are exempt as a resource and have money paid directly there.Any funds disburse from the MPTs are exempt.

You can find out about these here.

https://www.achieva.info/

http://www.arctrust.org/arctrust/

http://www.charitiespooledtrust.org/

These are premade and approved trusts.You have a sub account like a savings account.This would prevent him from loosing eligibility.

I appreciate the chance to help you today.Thanks again.

If you can positive rate 5 stars it is much appreciated.

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Estate Lawyer: RayAnswers, Attorney replied 7 months ago

More

he Arc of Delaware County and The Arc of Chester County
The ARC Community Trust of Pennsylvania
Pat Leo(###) ###-####br />*****@******.***
http://www.arctrust.org

The Arc of Greater Pittsburgh (ACHIEVA)
ACHIEVA Family Trust
***** *****(###) ###-####br />Toll Free:(###) ###-####br />*****@******.***
http://www.achievafamilytrust.org

The Arc of Mercer County Foundation
The Arc of Mercer County Master Trust
Robert Beach(###) ###-####br />*****@******.***
http://www.mercerarc.org/pooled-trust-program.html

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Estate Lawyer: RayAnswers, Attorney replied 7 months ago

Special needs pooled trusts are run by nonprofit organizations set up to expertly and efficiently administer a master special needs trust on behalf of individual beneficiaries with disabilities. Assets are combined and invested together; funds are spent on beneficiaries in proportion to their share of the total amount.

No two pooled trusts are exactly alike. Each has its own fees, menu of available services, and contracts under which it operates. Some offer many options, complicated contracts, and complex fee schedules. Others offer a single agreement and an easy-to-understand fee schedule. Some are organized to provide complete care of beneficiaries while others just manage the money in an appropriate manner.

But whatever their differences, all pooled trusts share some basic pros and cons worth considering.

Benefits of Pooled Trusts

Here are some advantages of pooled trusts:

  • The people managing the trust and its assets will be knowledgeable about agency rules regarding income and resources and will be able to deal with any questions from the SSI or Medicaid programs.
  • The trust directors usually are relatives of people with disabilities and are attuned to that community.
  • Even if you don’t have a lot of money to leave to your loved one, a pooled trust can give your loved one the benefits of a special needs trust.

Limitations of Pooled Trusts

While pooled special needs trusts work for many people, they do have some important limitations that you should consider . For example:

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  • Pooled trusts are only as good as the nonprofit that is managing it. Some may do a good job for a while, but in the face of financial problems or management changes, may end up doing a terrible job or even going out of business altogether.
  • Some pooled trusts distribute assets only at certain times of the month. This can be a problem for a beneficiary who may need distributions more frequently.
  • Pooled trusts can be very expensive. Find out exactly how much a pooled trust charges before you join. Generally, there is a one-time setup fee that can run from a few hundred dollars to several thousand dollars. Plus, there is an annual fee—based on a percentage of the assets that are put into the trust—that can be several thousand dollars a year. If you’re only putting a modest amount of assets into the trust, the fees of the pooled trust can seriously deplete these assets. In contrast, a friend or family member may not charge anything to serve as the trustee of an individual trust.
  • Pooled trust are inflexible. Once the assets are in the pooled trust, it is difficult if not impossible to move the assets to another trust. Your beneficiary is then stuck with this pooled trust even if the trustee does not do a good job.
  • Many pooled trusts will not agree to own real estate or authorize other nontraditional investments. If your inheritance will include these types of investments, an individual special needs trust would serve you better.
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