Why You Should Consider Pooled Trusts for Your Loved Ones in Chicago, IL

Dec 28, 20 Why You Should Consider Pooled Trusts for Your Loved Ones in Chicago, IL

If you are looking for the best investment options for a loved one under your care, consider a pooled trust. Essentially, pooled trusts in Chicago are trusts that contain the assets of many individuals. When added together, these assets can generate a larger return than that for an individual investor. Yet, there are many other reasons why a pooled trust is the best decision for someone’s estate.

Qualifying for a Pooled Trust

Pooled trusts in Chicago are usually set up by a relative or guardian. Depending on the type of trust, there are some situations where a disabled person can enter into the agreement on their own. However, the intent behind these trusts is to provide benefits for elderly people or disabled persons.

What the Trust Situation Looks Like

Once the trust is set up, a person will have his or her own sub-account. The funds in this account are the property of the trust beneficiary. As mentioned, the trust beneficiary is usually a person with disabilities or a person over the age of 65. The sub-account can be managed much like an individual trust account.

Reasons to Use a Pooled Trust

There are many legitimate reasons to rely on pooled trusts in Chicago. Many people use them to take care of medical insurance premiums. However, the funds can also be allocated towards basic living expenses, such as rent and food. Trust funds are also payable to an attorney or other service providers.

In the end, a pooled trust is a secure way to manage the funds of another. It is a good option for those looking to provide the best care for a loved one. Learn more about pooled trusts in Chicago to know if it is the right option for your needs.

For more information about our trust options, contact Life’s Plan, Inc. on their website today.

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