A pooled trust is a type of first party special needs trust. In Georgia, there are approved providers of a pooled trusts, the one with the longest and most comprehensive history of helping Georgians and their families is the Georgia Community Trust, associated with the Bobby Dodd organization, located here in Atlanta.
A pooled trust is an opportunity for a person with special needs, who may be receiving a lump sum amount of money through winning a back-pay appeal with a benefits program, or a lump sum inheritance, or a lump sum settlement of a claim and perhaps they do not have a good option within their family to manage their monies in a first party special needs trust which is outside of a pooled trust.
The pooled trust option allows them to put their money into a larger “pool”, but their money is actually kept separate from the other money for purposes of them using their own money. Its like a sub-account within a larger account. The fees for managing the money are typically less than other types of professionally managed trusts as there is a requirement that the pooled trusts be “not for profit.” Also, you sometimes have the option of naming the beneficiary of monies in your sub-account to go to the other beneficiaries of the pooled trust, RATHER than paying back Medicaid or other potential benefits programs.
Pooled trusts here in Georgia are definitely an option for many families. They can be part of a larger estate plan, also. They can be combined with other accounts available to the person with disabilities or special needs, such as ABLE accounts. To learn more about pooled trusts, reach out to the team at Atlanta Wills + Trusts Law Group and let us help you protect who you love the most.