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 that contribute to the individual’s well-being and bring joy to their 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.
The LSS Supplemental Needs/ Third Party Pooled Trust offers a low-cost way for friends and family to provide an individual with disabilities access funds for expenses not covered by public benefits – that is, the extras that enhance quality of life.
We recommend a comprehensive review of the current and anticipated needs of the individual (i.e. burial plan, furniture, equipment) prior to funding a pooled trust account. Our goal is to ensure the pooled trust is a good fit for you and help you to avoid the costs of funding the subaccount, if the money can readily be spent for current needs.
Opening a Supplemental Needs/Third Party Funded Pooled Trust
The 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.