(1) A pooled trust within the meaning of this section is a trust consisting of individual accounts established for individuals who are disabled and is established for the purpose or with the effect of establishing or maintaining a person's resource eligibility for medical assistance.
(2) A pooled trust is not valid for the purposes of establishing or maintaining eligibility for medical assistance unless the trust meets the following criteria:
The trust is established and managed by a nonprofit association that is approved bythe United States internal revenue service.
A separate account is maintained for each beneficiary of the trust; except that theaccounts are pooled for purposes of investment and management of funds.
The sole lifetime beneficiaries of the trust are the individual for whom the trust isestablished and the state medical assistance program. After the death of the person for whom the trust is created or after the trust is terminated during the beneficiary's lifetime, whichever occurs sooner, no person is entitled to payment from the remainder of the trust until the state medical assistance agency has been fully reimbursed for the assistance rendered to the person for whom the trust was created.
Accounts in the trust are established solely for the benefit of individuals who aredisabled as defined in 42 U.S.C. sec. 1382c (a)(3), as amended, and are established by the parent, grandparent, or legal guardian of such individual, by such individual, or by a court.
The trust provides that, upon the death of the beneficiary or termination of the trustduring the beneficiary's lifetime, whichever occurs sooner, to the extent that amounts remaining in the beneficiary's trust account are not retained by the trust, the state medical assistance program receives any amount remaining in that individual's trust account up to the total medical assistance paid on behalf of the individual.
A pooled trust is not valid for the purpose of establishing or maintaining a person'seligibility for any category of public assistance other than medical assistance.
No pooled trust shall be valid unless the department of health care policy and financing, or its designee, has reviewed the trust and determined that the trust conforms to the requirements of this section and any rules adopted by the medical services board pursuant to section 25.5-6-103, C.R.S.
Source: L. 2000: Entire part R&RE, p. 1814, § 1, effective January 1, 2001 (see § 15-17103). L. 2006: (4) amended, p. 2003, § 54, effective July 1.
Editor's note: This section is similar to former § 15-14-409.9 as it existed prior to 2001.