What are Pooled Trusts, Who Do They Benefit, Costs, and How Do They Work? How a Pooled Trust Benefits a MassHealth Recipient

If you are or have a relative who is disabled and needs MassHealth benefits, then a pooled trust may enable you or your loved one to receive funds while remaining eligible for MassHealth.

There are certain requirements for individuals to receive MassHealth benefits. If you are above a certain income or have assets exceeding the minimum amount ($2000.00 in countable assets) then you are ineligible. However, there are ways to receive funds while remaining eligible for benefits. One is to have funds deposited into a pooled trust, also known as a self-settled or (d)(4)(C) pooled trust. This is a trust set up by a non-profit organization that invests and manages funds deposited by many individuals who are disabled. Although the funds are used for the benefit of all, each person has a sub-account that is funded by the disabled party. Consult a lawyer for pooled trusts such as Patricia Bloom-McDonald who has considerable experience in advising and setting up trusts that can protect beneficiaries of MassHealth benefits.

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Do You Know Who Gets Access to Your Joint Account Upon Your Death?

Joint bank accounts can be a great idea for you or a parent. A joint account can enable a relative to write checks, withdraw funds or transfer them for your benefit. There may be an issue, however, when you pass away as to who gets the account and what happens to the account’s funds.

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Blended Families and Estate Planning

Blended families have always been with us but even more so since divorce rates are now over 50% and are easier to obtain than in past decades. A blended family is created when the spouses bring to the marriage the children of their previous relationship(s) and who may decide to have children of the current relationship. When this occurs, you and your spouse should consider revising or creating strategies on how to leave your property or assets to your respective children when you pass away.

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What You Need to Know About Caring for Your Parents

Do you have a parent who needs care or some degree of assistance? Some seniors who planned ahead may have long term disability insurance or a substantial retirement account that allows them to reside in a nursing home or assisted living facility or who may be eligible for Medicaid benefits. Consult with elder law and estate planning lawyer Patricia Bloom-McDonald on eligibility requirements for Medicaid as well as for any other legal questions pertaining to elder law, estate planning, or probate issues.

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Prepaid Funeral Contracts and Medicaid

If you are approaching the golden age, you may want to consider the cost of funeral arrangements for yourself that can also include your spouse, children, and siblings.  By planning now, you can save yourself considerable sums of money and relieve your family of the financial–and some of emotional–stress involved in your funeral. One way to do this is to purchase a prepaid funeral contract that locks in the price for the time when you no longer walk on this earth. It can also be a tool for validly reducing your assets in order to qualify for Medicaid.

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