Any time that options for long-term care are available, it can become quite confusing for those involved. If someone is permanently disabled, one of the best plans that they can take advantage of is called a pooled trust in Dupage County.
Remain Eligible for Benefits
When someone collects disability payments or qualifies for Medicaid, they are subject to income limits. If they go over these limits, they are at risk of losing their government benefits. This is where a pooled trust comes into play. The money that goes into these types of trusts is not counted towards the beneficiary’s actual income. This means that they can spend the trust money without fear of becoming ineligible for Medicaid, disability payments, and other government-funded benefits.
Professional Management
Unlike a traditional trust that must be managed by someone who you personally choose that also has to know all of the rules and regulations that surround said trust, a pooled trust is actually run by a professional, either solo or a firm, that handles many other pooled trusts as well and has vast experience in such financial matters.
Stability
Many families worry about who will handle their family trust after they die, which obviously affects the well-being of the disabled family member. This fear is alleviated with a pooled trust in DuPage County because the original firm will still run it. There will be no period of instability, and the transition will be as smooth as possible.
If you are interested in learning more about pooled trusts, contact Life’s Plan today.
