Many people are aware of the purpose of an Arizona special needs trust, however, they may not be familiar with a pooled special needs trust and its purpose. This type of special needs trust Arizona (it is an account, however, that can be set up in any area of the country) is different from the traditional account. In a traditional special needs trust, the recipient cannot place monies into the account themselves and they cannot receive cash from it. Instead, the account may be used to pay for products or services that directly benefit the beneficiary of the account.

However, for a pooled special needs trust Arizona account, the beneficiary may place monies into the account themselves provided that the account is established and maintained by a nonprofit association, that there is a second account for each person receiving benefits from the trust and that accounts within this type of trust are for the benefit of the disabled person and established by the legal guardian of the individual in question (for those under age or under the realm of a power of attorney document, which means someone else is responsible for the person’s well-being, either financially or in general).

There is no age limit to a pool special needs trust Arizona account and eligibility for governmental benefits are maintained regardless of participation in the trust. The gist of this account provides disabled individuals of all ages an account that they can join with special needs trust characteristics to protect monies perhaps received as a gift, in a windfall of some sort, without being penalized through their other benefits. It is specifically directed at those receiving Medicaid and SSI each month, money and benefits that are vital to the person’s survival and access to health care. It should be noted, however, that a pooled special needs trust Arizona can take a few weeks to distribute monies from the time a request is made, so those with trust monies that need to be disseminated for certain purposes should plan accordingly when it comes to accessing special needs trust funds.

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