Simple English definitions for legal terms
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A pooled trust is a type of trust where multiple people's assets are combined and managed by a non-profit organization. This is often used by people with low income or special needs to have assets that don't affect their eligibility for government programs like Medicare or Supplemental Security Income. The non-profit manages the assets and distributes them periodically to the individual. When the individual passes away, any Medicare benefits received must be repaid from the remaining assets before beneficiaries can receive anything. Third-parties can contribute to the trust, and these assets are not used to repay Medicare benefits. A pooled trust can also refer to a trust managed by a non-profit organization to benefit the organization after the individual passes away. This structure can have tax benefits for the individual and increase the benefits to the non-profit organization than a normal trust may.
A pooled trust is a type of trust where assets from multiple individuals are combined and managed by a non-profit organization. This type of trust is often used to benefit those with low income or charities.
Both examples illustrate the concept of a pooled trust, where assets from multiple individuals are combined and managed by a non-profit organization. This can provide benefits such as avoiding income limits for government programs or increasing income for a non-profit organization.