Trust Services

A trust may be one of the final tools used to ensure that the quality of life for your client improves following their settlement.  For many, ongoing medical treatments and additional care necessitates the maintenance of their public benefits, such as Medicaid or SSI.   Means-tested public benefits, like Medicaid and SSI, can be compromised if a beneficiary's income or assets exceeds the eligibility thresholds.  Special Needs Trusts (SNT) provide a method for the claimant to maintain their benefits, while using the settlement proceeds to improve their quality of life.

There are many trust options to help preserve, maintain, or even plan for future public benefit eligibility:

Special Needs Trust (SNT) - A trust that will preserve the beneficiary's means-tested public benefits such as Medicaid and/or Supplemental Security Income (SSI).  The assets of the trust will supplement, not replace, the public benefits received by the beneficiary.

Pooled Special Needs Trust (Pooled Trust) - Pooled Special Needs Trusts provide the same public benefit protection and preservation as a traditional Special Needs Trust.  A Pooled Trust can only be professionally administered by a nonprofit organization. Different from other trusts, Pooled Trust beneficiaries have their own separate accounts, but these assets are pooled for investment and management purposes. Beneficiaries of any age may participate in a Pooled Trust, however individuals 65 years of age or older face certain restrictions that may limit their SNT options to the Pooled Trust.

Trust Services:

Identifying and establishing the appropriate trust vehicle to serve the best interests of the beneficiary. 

Settlement Preservation Trust (SPT) - This is a trust not specifically designed to protect Medicaid or SSI benefits, which means it is not subject to the same strict federal guidelines.  Instead, the SPT can be used as its name suggests, to preserve the settlement proceeds and protect the beneficiary's interests.  This trust vehicle can be used to protect settlements for minor children or anyone vulnerable to exploitation, or even those with spendthrift tendencies. The SPT is highly customizable and capable of meeting the needs of beneficiaries in a range of circumstances.

Qualified Income Trust (QIT) - This trust provides a method for Medicaid and Medicaid Waiver applicants with income that exceeds the benefit thresholds to become eligible for Medicaid long-term care.  Income received by the applicant that surpasses the Medicaid threshold is put into the QIT and not counted as income, allowing the applicant to become eligible for the benefit.

A trust can be established to protect a beneficiary's interest from several different factors.  GLC is well-networked with many of the nation's leading elder law and trust attorneys, trust companies, and professional administrators who are ready to assist in identifying and resolving potential trust issues.

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