What is a well-being fund? A Wellbeing Fund is an organization or trust that pools its member’s money to help provide for their members’ needs. For example, if you are in the military and get injured while on duty, your benefits would come from this type of fund. The best part about these funds is that they can be used to cover anything: whether it’s buying groceries, paying bills, or taking care of medical expenses- it all depends on what each family needs. It sounds like a great thing. If so, then read on as we will go into more detail below!
What is a Wellbeing Fund?
A Wellbeing Fund is an organization or trust that pools its member’s money to help provide for their members’ needs. For example, if you are in the military and get injured while on duty, your benefits would come from this type of fund. The best part about these funds is that they can be used to cover anything: whether it’s buying groceries, paying bills, or taking care of other medical expenses- it all depends on what each family needs.
How does a Wellbeing Fund work?
A Wellbeing Fund is an organization that pools its member’s money to help provide for the members’ needs.
How Do I Know If My Family Is Eligible For One Of These Funds?
Whether or not your family is eligible for a Wellbeing Fund depends on what each fund provides.
It’s important to note that these funds are tax-free. The interest gained from the pooled money, which would generally be taxable income, does not incur any taxes.