Helping to Provide Financial Security for People with Disabilities and Their Families
While the Utah Pooled Trust will continue to manage a Beneficiary’s Trust account, it is suggested that an alternative option for saving monies which put someone over the $2,000 asset limit is an ABLE account.
Congress passed the ABLE (Achieving a Better Life Experience) Act in 2014; however, Utah didn’t launch its ability to open one in Utah until September 1, 2021. An ABLE Account (or STABLE for the option Utah uses), comes with much more flexibility, plus the ability to monitor investment opportunities similar to a 401 (K) or 529 plan. The STABLE account also allows use of a debit card with account funds. For more information visit http://www.ableut.com/
The Utah Pooled Trust was created in 2008 because no other cost feasible option for someone to save their over asset monies existed. The Trust comes with limitations and delays to receiving reimbursement for expenses, unlike an ABLE account.
The mission of TURN’s Utah Pooled Trust is to manage financial assets for people with disabilities without compromising their government benefits. The Trust is intended to provide extra and supplemental services for the care, support, comfort, education, and training of the beneficiary over and above public and/or private benefits.
How the Trust Works
The Trust is established by moving funds that are considered an asset of a person with a disability into it. These funds may come from various sources including, but not limited to, insurance or personal injury settlements, proceeds from the sale of a house, or an inheritance. Placing these funds into The Utah Pooled Trust, make them exempt from being considered an asset and therefore do not affect the beneficiary’s eligibility for public benefits. For investment purposes, the funds are pooled together with other beneficiaries’ funds. Each person in the Trust has a sub-account.
Who Can Participate
What the Trust Does
The Utah Pooled Trust is an entity separate from the person with a disability, and is established to hold and manage assets which have been set aside for that person. This type of trust allows people with disabilities to compensate for additional needs that are not covered by the government, without jeopardizing their eligibility for benefits.
How the Money Can Be Used
The Trust’s purpose is to provide supplemental services for the care, support, comfort, education, and training of the beneficiary—beyond what is provided to them by public benefits. Food and shelter are NOT supplemental needs. The Trust money CANNOT be used for groceries, rent or mortgage payments if the beneficiary receives Supplemental Security Income (SSI).
Supplemental needs are anything that is not considered a necessity, including, but not limited to:
- Medical goods
- Medication prescribed by a physician for which there are not other funds available
- Over-the-counter medications or personal care products that increase quality of life
- Dental care
- Surgery or medical procedures not covered by insurance or public systems
- Occupation or physical therapy beyond proscriptive rehabilitation
- More sophisticated medical, dental, or diagnostic treatment
- Companion service
- Burial plans
- Psychological support services
- A mechanical bed
- An electric wheelchair and other mobility aids
- Home modifications
- Phone service
- Emergency paging equipment
- Outings and entertainment
- Fees and costs for protective proceedings or criminal proceedings
- Drug and alcohol treatment
- Stamps and writing supplies
Why move assets into The Utah Pooled Trust?
The Utah Pooled Trust was established in order to enhance the quality of life for persons with disabilities. You always have the option of hiring an attorney and finding a financial institution or a family member that will serve as the trustee for your own personal account. By assigning TURN as trustee to serve you, you will work with a team that is experienced in providing for people with disabilities and who care about the well being of your loved one. TURN can offer professional advice and planning services at a low cost. Our goal is for parents and guardians to have peace of mind.
If you think this is the right option for you or your loved one, contact Phil Shumway at 801-524-8603 or email email@example.com .