The Springhill Housing Corporation Pooled Accounts Trust ("Springhill Pooled Accounts Trust") provides a way for people with disabilities to enjoy the benefits of pooling their assets, without endangering important public benefits.
Unlike assets in a traditional trust, assets in a special needs trust, such as the Springhill Pooled Accounts Trust, are not counted as income under the rules that apply to means-tested public benefits (such as Medicaid and SSI). Assets in a special needs trust will not affect the beneficiary's ability to receive public benefits. In other words, the person is able to preserve assets, without endangering access to benefits.
The Springhill Pooled Accounts Trust provides these benefits:
- Assets are pooled together with other people's assets, potentially providing greater returns. (Please note: As with any any investment product, there is risk associated with investing, and returns are not guaranteed.)
- Springhill Pooled Accounts Trust staff provide assistance in completing and reviewing the documents associated with joining and maintaining participation in the trust.
- When a trust beneficiary needs to use funds from the trust to pay for something, Springhill Pooled Accounts Trust staff review the request for disbursement, ensuring that the funds spent meet the public benefits rules. Staff can also: discuss with the beneficiary and/or advisors on how funds can best be used to protect benefits; expedite emergency distributions; assist in bill payment options for recurring bills; provide current account information (balances, payments, etc.); and refer beneficiaries to government services.
- Springhill Housing Corporation, which administers the Springhill Housing Corporation Pooled Accounts Trust ("Springhill Pooled Accounts Trust"), is a housing agency. This means we can have beneficiaries' houses be held as trust assets, when appropriate, and can provide property management on the houses, at a fee. (Please note: Springhill Housing Corporation requires market appraisals and home inspections prior to accepting a house. After these, Springhill uses its expertise to determine a dollar amount needed in the sub-account to ensure that the housing plan is sustainable. Please contact the Springhill Pooled Accounts Trust staff for more information.)
A note regarding housing: Springhill Housing Corporation is very excited about the programs it is piloting regarding the Springhill Pooled Accounts Trust and housing. Our goal is to ensure the long-term sustainability of housing for individuals with disabilities, and to help families plan for the future.