Common use of Party Pooled Special Needs Trust Clause in Contracts

Party Pooled Special Needs Trust. Self‐funded by the individual with special needs as a result of a personal injury award, Social Security back payment, direct inheritance, or other reason. For a Beneficiary who receives Medicaid, this is a Medicaid payback trust. Upon the death of the Beneficiary, Medical Assistance Services will be repaid for its expenditures during the Beneficiary’s lifetime. This type of trust must be irrevocable by law. Grantor – The person who establishes the special needs trust and is generally the person whose assets fund the trust. Joinder Agreement – The legal document that allows the Beneficiary to have a sub‐account with a Pooled Special Needs Trust. The Joinder Agreement for GCT of AADD needs to be completed and notarized.

Party Pooled Special Needs Trust. Self‐funded by the individual with special needs as a result of a personal injury award, Social Security back payment, direct inheritance, or other reason. For a Beneficiary who receives Medicaid, this is a Medicaid payback trust. Upon the death of the Beneficiary, Medical Assistance Services will be repaid for its expenditures during the Beneficiary’s lifetime. This type of trust must be irrevocable by law. Grantor – The person who establishes the special needs trust and is generally the person whose assets fund the trust. Joinder Agreement – The legal document that allows the Beneficiary to have a sub‐account with a Pooled Special Needs Trust. The Joinder Agreement for GCT of AADD BDI needs to be completed and notarized.