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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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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