Our Trusts
The Theresa Foundation, in partnership with the CLC Foundation, Inc. has created the family of Theresa Pooled Trusts:
The Theresa Pooled Trust (sometimes referred to as a “First Party Exempt Pooled Special Needs Trust”) can protect monthly income for seniors and people with disabilities, while allowing them to access government benefits. The Theresa Pooled Trust is an “Exempt Trust” under the Medicaid and SSI eligibility rules.
For example, seniors of any age may have “excess monthly income” which must be spent on home care services before they can receive Medicaid home care in New York. This loss of income can have a dramatic impact on that person’s ability to remain in their home and their overall quality of life. TPIT allows seniors and people with disabilities to protect their excess monthly income by funding a TPIT subaccount. The funds in that account can then be spent for their benefit.
Any remaining funds in the beneficiary’s subaccount upon the demise of the beneficiary will be used to support people with disabilities and to fulfill the mission of the Theresa Foundation. Otherwise, those funds would have to reimburse New York State for any Medicaid provided to the beneficiary.
The Theresa Pooled Asset Trust (sometimes referred to as a “First Party Exempt Pooled Special Needs Trust”) can protect the assets of people with disabilities, while allowing them to access government benefits. The Thersa Pooled Asset Trust is an “Exempt Trust” under the Medicaid and SSI eligibility rules.
For example, people with disabilities (such as cerebral palsy, autism, or by a personal injury) who are under age 65 can fund the TPAT with their own assets and immediately qualify for Medicaid and Supplemental Security Income (SSI). TPAT will hold the beneficiary’s funds in a segregated account (referred to as a subaccount) which then can be spent for the sole benefit of the beneficiary during their lifetime.
Upon the demise of the beneficiary, any remaining funds in the beneficiary’s subaccount will be used to support people with disabilities and to fulfill the mission of the Theresa Foundation. Otherwise, these funds would have to reimburse New York State for any Medicaid provided to the beneficiary.
This is another type of Pooled Trust, sometimes referred to as a “Third Party Exempt Pooled Special Needs Trust”, which is exempt under the Medicaid and SSI eligibility rules.
Unlike the Theresa Pooled Income Trust and the Theresa Pooled Asset Trust, this trust is funded with the assets of third parties, such as parents of the person who is disabled and not with the beneficiary’s assets.
The funds in the TCT can be spent to supplement the living expenses of the beneficiary, as well as enhance their quality of life. An important distinction is that the remaining assets upon the beneficiary’s demise primarily pass to the named beneficiaries of the sub-account (such as family members)