LSS Supplemental Needs/Third Party Funded Pooled Trust
A Supplemental Needs/Third Party Funded Pooled Trust is designed to allow family and friends to provide financial gifts or an inheritance to an individual with disabilities while protecting public benefit eligibility.
Funds can be used to purchase items or experiences not covered by public benefits – the extras that bring joy and enhance quality of life.
A Supplemental Needs/Third Party Funded Pooled Trust can be established by anyone other than the individual with disabilities. Funds can be added and are available to the individual throughout their lifetime. LSS Pooled Trust Services are available in Minnesota and North Dakota.
Is Pooled Trust a Good Fit?
We recommend a comprehensive review of the current and anticipated needs of the individual prior to funding a pooled trust account. Our goal is to ensure the pooled trust is a good fit for you and help you avoid the costs of funding the subaccount if the money can readily be spent for current needs.
LSS Pooled Trust accepts only liquid assets and all sub-accounts must be irrevocable and established for the sole benefit of the individual.
Sub-accounts can be opened in anticipation of future income with a joinder fee of $800-1,000 and an initial deposit of $1,000. The minimum anticipated investment is $8,000-10,000 depending on your state of residency.
Opening a Supplemental Needs/Third Party Funded Pooled Trust
To open a Pooled Trust, you will need to complete several forms.
We encourage you to engage, and may require you to retain, an attorney to review the documents and complete the checklist on the Joinder Agreement.