A pooled income trust, also known as a community trust, is a type of special needs trust. It contains the assets of a person with a disability and must meet the following criteria:
- Established and maintained by a nonprofit organization which maintains separate accounts for each beneficiary and pools the funds for management purposes.
- Set up for the sole purpose of benefiting an individual with a disability.
- Funded by the individual with a disability as well as a parent, grandparent, legal guardian, or court.
Because pooled income trusts have many nuances, it is crucial to find an attorney experienced in trusts whose beneficiaries are people with disabilities.
NFP Structured Settlements works with partners who provide the services required to establish and maintain pooled income trusts.