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Trust Fund (From a Third Party)

Posted Aug 24 2008 5:11pm
Here's a great explanation from one of my blog readers/commenters of what a true Trust Fund is supposed to be. I hope that this info will especially help educate those who may be in need of their own financial support someday.

Sometimes you see where people in need (such as fire victims, etc.) have accounts set up to assist them in times of need. They are usually different than a true "trust fund".

A real "trust fund", (and I had one myself when I had my transplant to help with expenses), is put together by a lawyer and it is governed by laws, especially tax laws. I too had to have a Trustee that wrote the checks and decided, according to the rules, what was and what was not a medical expense.

This may seem really strict, but when you have the expenses from a transplant or other major medical event it can truly be a safeguard and lifesaver. Medication expenses from a transplant are huge, but necessary to sustain your life. The fact that you can not use the money for the electric bill or the car payment may seem unfair in some ways, but on the other hand, it makes sure that, if times get tight financially for the person in need, they will have money for their medication and other medical needs. I know of some transplant recipients who when times get tight, will skip some does of anti-rejection medication, and that can and has cost people their life.

The trust fund for many people assures you that even though you may not be able to make your car payment one month, you will still be able to get your much needed medication. Nathan is so true when he mentioned the high costs of the medication. Some months, even with good insurance, my medication co=pays are as much as a house payment.
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