LSS Special Needs/Self-Funded Pooled Trust
A Special Needs/Self-Funded Pooled Trust protects funds received from lump sum payments such as personal injury settlements, retroactive disability payments, savings or inheritances that would otherwise disqualify an individual from receiving public benefits.
A Pooled Trust offers a low-cost way for individuals to access funds for expenses not covered by public benefits — the extras that bring joy and improve quality of life.
A Special Needs/Self-Funded Pooled Trust can be established by an individual with a disability, the individual’s parents, grandparents, legal guardian or a court. LSS Pooled Trust Services are available in Minnesota and North Dakota.
Is Pooled Trust a Good Fit?
To see if a Pooled Trust is the right fit, we recommend a comprehensive review of the current and anticipated needs of the individual prior to funding a Pooled Trust account.
LSS Pooled Trust accepts only liquid assets and all subaccounts must be irrevocable and established for the sole benefit of the individual. This type of trust requires a provision to reimburse the State upon the death of the individual.
Opening a Special Needs/Self-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.
Opening an account for an individual who has a Guardian or Conservator may require the action of the court to appoint LSS as the Trustee for the individual.