Attorney Jason Neufeld provides a thorough explanation of Pooled Special Needs Trusts - Visit our website to learn more about Special Needs Trusts in Florida👇
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Transcript:
Hi. Your Florida Medicaid planning attorney here, and in this video, I want to explain the concept of a pooled special needs trust. What is a pooled special needs trust? What is it? When is it used? How can it benefit my client, the eventual Medicaid applicant?
Okay, so first and foremost, the idea is, if you want to qualify for Florida Medicaid long term care benefits in the year 2020, you have to have less than $2,000 to what Medicaid considers to be countable assets, and you have to earn from all sources combined, less than or up to $2,349. So you take your pension, your Social Security benefits, your rental income, right, you add all this together. If it's more than $2,349, you are not eligible unless, and if you have more than $2,000 in countable resources, you're not eligible, unless you come to an elder law attorney, such as myself to put together the strategies necessary to protect those assets and get you the long term care, home care, ALF care or paying for that skilled nursing facility.
All right, and we have a lot of tools at our disposal. One of those tools is a pooled special needs trust, primarily used for folks who have too much by way of assets. But it can also be used for those who have too much income, and I'll explain that in a little bit. But first and foremost, it's most often used for folks who have more than $2,000, they want to qualify for benefits now, without having to go broke first. All right. So typically, you can take any amount of money out of my client's account and transfer into a pooled special needs trust A pooled special needs trust is a professionally managed trust. There are several of them located throughout Florida, I work with three of them that I've just had a very nice relationship with, and I know do right by my clients; And for a fee, they will manage money that is in that trust. They will only use that money to pay for things that benefit my client who is desiring of Medicaid benefits.
The reason why people want to use this service is because typically if you have a significant amount of money, or really any amount over $2,000, and that is what's preventing you from qualifying for Medicaid, you can't just give that money away. If you give that money away, you're triggering what's called a five year lookback period. I'll link to another article and video that discusses that in more detail. But essentially, if you give money away, it results in a period of ineligibility, you're penalized for giving the money away.
But pooled special needs trusts have a special status under the federal law that the states have to recognize, including Florida have to recognize as well. The federal law says that if you take any amount of money, and you transfer it into one of these duly created, appropriately created pooled special needs trust, that will not count as a gift. Then the Medicaid recipient can obtain their benefits.
The pooled special needs trust is essentially what keeps them liquid, so that when they have a bill to pay, instead of asking a family member to pay the bill or not being able to pay it because they've spent down all their money otherwise; This is money that is set aside just for their use, and its needs or wants. They'll pay utility bills, they'll pay medical bills, they'll pay for a new big-screen TV, they'll pay off the visa bill, you know, there are very few limitations to what this money can be put towards.
Now, we don't often use the pooled special needs trust by itself, we're typically using it in conjunction with other Medicaid planning techniques, and that's because the pooled special needs trust has several drawbacks....
18 сен 2024
