Sec. 142.010. TRANSFER OF TRUST PROPERTY TO A POOLED TRUST SUBACCOUNT. (a) In this section, "management trust" means a trust created for a beneficiary in accordance with Section 142.005.
(b) If the court with continuing jurisdiction over a management trust determines that it is in the best interests of the beneficiary for whom the management trust is created, the court may order the transfer of all property in the management trust to a pooled trust subaccount established in accordance with Chapter 143.
(c) For purposes of a proceeding to determine whether to transfer property from a management trust to a pooled trust subaccount, the court may, but is not required to, appoint an attorney ad litem or guardian ad litem to represent the interests of a management trust beneficiary who has a physical disability and is not an incapacitated person. The attorney ad litem or the guardian ad litem is entitled to a reasonable fee and reimbursement of expenses to be paid from the management trust property.
(d) The transfer of property from the management trust to the pooled trust subaccount shall be treated as a continuation of the management trust and may not be treated as the establishment of a new trust for purposes of 42 U.S.C. Section 1396p(d)(4)(A) or (C) or otherwise for purposes of the management trust beneficiary's eligibility for medical assistance under Chapter 32, Human Resources Code.
(e) The court may not allow termination of the management trust from which property is transferred under this section until all of the property in the management trust has been transferred to the pooled trust subaccount.
Added by Acts 2019, 86th Leg., R.S., Ch. 1112 (H.B. 2245), Sec. 7, eff. September 1, 2019.
Structure Texas Statutes
Title 10 - Miscellaneous Beneficial Property Interests
Subtitle A - Persons Under Disability
Chapter 142 - Management of Property Recovered in Suit by a Next Friend or Guardian Ad Litem
Section 142.001. Management by Decree
Section 142.002. Management by Bonded Manager
Section 142.003. Compensation and Duties of Managers
Section 142.004. Investment of Funds
Section 142.005. Trust for Property
Section 142.006. Claims Against Property
Section 142.007. Incapacitated Person
Section 142.008. Structured Settlement
Section 142.009. Annuity Contract Requirements for Structured Settlement
Section 142.010. Transfer of Trust Property to a Pooled Trust Subaccount