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. Irrevocable Trust – Refers to any trust which cannot be undone or changed. The Pooled Special Needs Trust is irrevocable by law. An irrevocable trust is a legal agreement whose terms cannot be changed by the creator, or grantor, who establishes the trust, chooses a trustee, and names the beneficiary or beneficiaries. The trust document names a trustee who is responsible for managing the assets in the best interests of the beneficiary or beneficiaries and carrying out the wishes the creator has expressed. 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. Letter of Intent –The Letter of Intent provides Pooled Special Needs Trust Advisory Co‐ Trustee’s the opportunity to elaborate on his/her vision and goals for the trust and to share with the Trustee information about the Beneficiary which can include special interests, likes and dislikes.

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. Irrevocable Trust – Refers to any trust which cannot be undone or changed. The Pooled Special Needs Trust is irrevocable by law. An irrevocable trust is a legal agreement whose terms cannot be changed by the creator, or grantor, who establishes the trust, chooses a trustee, and names the beneficiary or beneficiaries. The trust document names a trustee who is responsible for managing the assets in the best interests of the beneficiary or beneficiaries and carrying out the wishes the creator has expressed. 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. Letter of Intent –The Letter of Intent provides Pooled Special Needs Trust Advisory Co‐ Trustee’s the opportunity to elaborate on his/her vision and goals for the trust and to share with the Trustee information about the Beneficiary which can include special interests, likes and dislikes.