The Pooled Trust; A Flexible Estate Planning Alternative
Pooled Trusts are a relatively new estate planning tool to protect eligibility for public assistance programs, such as SSI and Medicaid, for clients with significant long term health and financial needs. They are often a great alternative to "half a loaf" and other types of Medicaid planning that can be costly. When you need to assure a loved one's eligibility for public assistance programs, join a Pooled Trust managed with expertise by caring professionals to meet and manage the beneficiary's needs! An advantage of the Elder Law of Michigan Pooled Trust is our low monthly fees! Only $80/month. Joining is a modest $500.
Although anyone can put money into a pooled trust--parents, grandparents, friends, or even the individual with the disability (the beneficiary)--this type of trust must be established by a non-profit-association-like Elder Law of Michigan. The non-profit pools the funds of many beneficiaries, manages and invests them.
Pooled Trusts are willing and able to handle much smaller accounts than a bank or trust company, giving people of modest means access to sophisticated trust services. With a Pooled Trust, the non-profit controls the disbursements; that makes it a sensible option for guardians, conservators, and family members who manage the affairs of a person with a disability. Like a family-type trust, the Pooled Trust is there to pay expenses outside of the basic care provided by government benefits. The Elder Law of Michigan, Inc. Pooled Trust gives trust beneficiaries and their families the peace of mind that comes from knowing the medical coverage and public benefits will be protected and that quality of life will be enhanced by using trust assets to meet personal, social and health needs that are not covered by existing benefits-funded services.
Elder Law of Michigan, Inc. is a non-profit 501 c3 charitable organization that offers a Pooled Trust. Elder Law's mission is to promote and protect the rights, health and economic well-being of older adults and people with disabilites by providing information, advocacy, legal advice and professional services. Based in Lansing, Michigan, since 1990, Elder Law serves the entire state and operates four hallmark programs for older adults: the Legal Hotline for Michigan Seniors, the Michigan Pension Rights Project, the Consumer Fraud Prevention Project and the award winning Michigan Coordinated Access to Food for the Elderly (MiCAFE) Program.
To join the Elder Law Pooled Trust or for more information contact Attorney Tom Trainer of Kemp, Klein at 248-528-1111 or info@KKUE.com.
- List of Pooled Trusts in Michigan
- Kemp Klein Law Firm
- What’s a Pooled Trust? A Way to Avoid the Nursing Home
Tom Trainer
Thomas V. Trainer is a director and shareholder of the firm of Kemp, Klein practicing in the areas of elder law, probate and estate planning, and health law. He focuses on elder and special needs planning for senior citizens and special needs clients and their families. Mr. Trainer formed and leads the Elder Law Practice Group at Kemp Klein. Mr. Trainer served on the Michigan Supreme Court Task Force of Guardianship Reform, and on both the Michigan and the National Advisory Panels on Alzheimer's Diseases and Related Conditions. He is a former chairperson of the Board of Directors for Elder Law of Michigan and was a member of the Michigan Supreme Court Task Force on Guardianships and Conservatorships. He has held a teaching position in the legal assistant program at Oakland University and is an author and frequent lecturer in the field of elder and special needs planning, including pooled trusts. He has served the community as an officer and director of the Rosemary and Larry Berger Education Foundation, a private foundation providing scholarships for Detroit high school students. He also serves on the Wayne State University Institute of Gerontology Executive Committee, as well as the Leadership Council for Endowments and Scholarships and on its Cognitive Neuro Sciences subcommittee. Mr. Trainer maintains an AVI peer review rating with Martindale-Hubbell Law Directory, the highest peer review rating for attorneys. He was also selected for inclusion in the 2008 and 2009 issues of Michigan Super Lawyers magazine featuring the top 5% of attorneys in Michigan.
Why Elder Law of Michigan, Inc.?
A Pooled Trust is operated by a non-profit charitable organization. Use a Michigan charity that understands the unique needs of older adults and people with disabilities to ensure the best quality care and assistance for your clients. We've assisted more than 200,000 seniors with their legal needs. Our track record for high quality service and accountability has been well documented by government partners and corporate sponsors for nearly 20 years. We have the skills, knowledge and commitment to use Pooled Trust funds for the well-being of our beneficiaries and follow the guidelines established by the federal government in operating this kind of special needs trust.
In addition to receiving specialized trustee services from Elder Law, trust beneficiaries also benefit from our fair and transparent fee policies as well as our clear and easy to follow accounting and reporting. Elder Law engages the services of the law firm of Kemp, Klein that has staff who understands the strict technical requirements of maintaining financial eligibility for public benefit programs.
