What is the Springhill Pooled Accounts Trust?
Springhill Housing Corporation is a nonprofit 501(c)(3) organization, formed in 1990 as part of a demonstration project funded by the Michigan Developmental Disabilities Council and the Michigan Department of Mental Health. The Springhill Housing Corporation Pooled Accounts Trust (Springhill Pooled Accounts Trust) is a special needs trust and was created to offer people with disabilities the opportunity to pool assets for investment and administrative* purposes while preserving their eligibility for public benefits.
Unlike assets in a traditional trust, assets in a special needs trust are not counted 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.
By preserving individuals’ assets to be used for their sole benefit, the Springhill Pooled Accounts Trust helps beneficiaries enjoy the highest quality of life possible. Individuals can use their portion of the Trust to pay for needs not covered by public benefits, such as travel, clothing, electronics, and furniture.
Who is eligible?
Individuals with disabilities who are or may become over the means-tested public benefit asset limit. All potential participants should seek professional legal counsel to determine if a special needs trust would be right for them.
How can I access this service?
Enrolling in the Springhill Pooled Accounts Trust and can be done on your own, or with your attorney or financial planner. Visit here for step-by-step instructions.