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periodic amount from that same source. Any income or resource deposited into a special needs trust after the applicant or recipient reaches 65 years of age is a transfer of an asset for less than fair market value under 7 AAC 100.510. Nothing in this section prohibits the establishment of a separate pooled trust under 7 AAC 100.614 for the beneficiary of a special needs trust who reaches 65 years of age. (Eff. 7/20/2007, Register 183) Statutory Authority: Authority: AS 47.05.010 AS 47.07.020 AS 47.07.040 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. (Eff. 7/20/2007, Register 183) Statutory Authority: