7 AAC 100.614 - Pooled trust

(a) To be approved by the department, a pooled trust must

(1) be established and managed by a nonprofit association;

(2) contain the assets of beneficiaries who are blind under 7 AAC 40.140(a) or disabled under 7 AAC 40.170(a);

(3) maintain a separate account for each beneficiary of the trust; the separate account must be established for the sole benefit of the individual beneficiary; for purposes of this paragraph, a separate account is established for the sole benefit of the beneficiary if no person other than the beneficiary benefits from the trust account or a payment from the trust account during the trust account's existence, except as provided in (6) of this subsection;

(4) be irrevocable;

(5) require that each beneficiary's trust account terminate upon a court order or the death of that beneficiary, whichever is earlier; and

(6) provide that any money remaining in a beneficiary's trust account that is not used by the nonprofit association to maintain the pooled trust be paid to the state, up to the total amount of Medicaid paid on behalf of the beneficiary.

(b) In this section, "nonprofit association" includes a governmental body charged with providing guardian services to state residents.

Notes

7 AAC 100.614

Eff. 7/20/2007, Register 183

Authority:AS 47.05.010

AS 47.07.020

AS 47.07.040