It is a myth that a person has to spend all of their money before being able to qualify for Medicaid or SSI. Anyone can gain immediate eligibility for Medicaid or SSI by establishing a Pooled Special Needs Trust. They can then use the money for their benefit.
1
Locate a Non-Profit Provider of a Pooled Special Needs Trust
The Federal Law requires that a pooled special needs trust be established and administered by a 501(C) (3) non-profit organization. The largest one in the country is the National Pooled Trust. The NPT has established pooled special needs trusts in all 50 states.
2
Go Online to Download Required Trust Documents
Google pooled trusts with your state abbreviation. For example: pooled trust MN or pooled trust FL. Check a couple listings out and make your choice.
3
Download Documents
Each pooled trust administrator has it's own pre-drafted forms or at least should have them. If you find one that does not have down loadable forms, my suggestion is to look at another provider. The forms are basically fill-in-the-blank and do not necessarily require the use of an attorney. The more well established administrators will have have staff available by phone to answer the basic questions regarding what type of information is needed and what it is used for in the administration process.
4
Complete the Forms and Submit them to the Administrator
Complete the forms as directed and submit them with the deposit and any additional required fees. The administrator will review and approve the documents and return a copy of sign documents for your use with the local state agency that administers the Medicaid program.
That is all there is to a simple method to protect the use of assets for the improvement of the quality of life of the Medicaid recipient.
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