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Simple English definitions for legal terms

pooled trust

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A quick definition of pooled trust:

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 more thorough explanation:

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.

  • For individuals receiving Medicare or Supplemental Security Income (SSI), a pooled trust allows them to have assets that do not affect their eligibility for these programs. The assets are managed by a non-profit organization, and as long as certain rules are followed, they will not be counted towards income limits. This can be helpful for individuals with special needs who inherit assets and want to avoid triggering any limits.
  • Non-profit organizations may also create pooled trusts to increase their income. Individuals can have their trust managed by the organization and receive benefits for life, with the assets going to the organization after they pass away. This structure can have tax benefits for the individual and reduce management fees of assets.

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.

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18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
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hey yall
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im premed idk why im here
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we’re like cool and sexy and fun I get it
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thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
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what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
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