The Trustee The Center for Special Needs Trust Administration, Inc. is a non-profit corporation that provides specialized trustee services for special needs trusts. The Center’s unique combination of services gives trust beneficiaries and their families peace of mind. Public benefits will be better protected and quality of life will be enhanced by using trust assets to meet special needs that are not provided for by The Theresa Pooled Trust basic public assistance programs. The Center for Special Needs Trust Administration, Inc. (The Center) is the trustee that administers The Theresa Foundation Pooled Trust of New York (Trust). At the beneficiary’s death, any remaining assets in the pooled trust must either be retained in the Trust or used to reimburse the state of New York for all medical benefits provided by the beneficiary. As part of The Center’s charitable mission and purpose to provide comprehensive services to the entire community of people with disabilities, The Center has named The Theresa Alessandra Russo Foundation as the primary beneficiary of The Theresa Foundation Pooled Trust of New York. The Theresa Foundation honors the memory of Theresa Alessandra Russo by touching the lives of children with special needs and their families through direct support and programs that focus on art, music, dance and recreation. The Theresa Foundation 250 Lido Boulevard │ Lido Beach, NY 11561 (516) 432-0200 │ www.theresafoundation.org For additional information on how The Theresa Foundation Pooled Trust of New York might help you or a client, please contact The Center for Special Needs Trust Administration, Inc. at (877) 766-5331 or via email at [email protected]. 4912 Creekside Drive, Clearwater, FL 33760 ph: (877) 766-5331 │ fax: (877) 619-4023 [email protected] │ www.centersweb.com The Center for Special Needs Trust Administration, Inc. is a 501(c)3 nonprofit corporation and is part of “The Centers.” The Centers includes The Center for Special Needs Trust Administration, The Center for Lien Resolution, The Center for Medicare Set-Aside Administration, and The Center for Settlement Consultants. Key Private Bank is The Center’s Co-Trustee. DRA FT www.centersweb.com What is a Pooled Trust? What are the Basic Requirements for Joining the Trust? A Pooled Trust is a special type of trust that allows individuals to become 1. The beneficiary must be disabled as defined by law. For purposes of the Trust, financially eligible for public assistance benefits while preserving their resources in trust for supplemental needs. While not necessary for everyone, the end result of joining a Pooled Trust is that trust beneficiaries can receive the In addition to the primary benefit of protecting their public benefits, Pooled Trust beneficiaries public benefits that meet their essential needs receive the added value derived from pooling funds while maintaining a supplemental fund that is for investment and management purposes. By virtue available to meet their special or supplemental of the Pooled Trust’s size, it can command better needs that are not provided by public benefits. interest rates and other financial benefits from the Why Join The Theresa Pooled Trust? Under current Federal Law, any assets in an ordinary trust will be counted against recipients of public benefits when those benefits have asset and income limits. Any portion of the trust funds that can be reached will be counted as an asset, and any portion of the interest that could be paid out will be counted as income. As a result, recipients of public benefits will be disqualified and their benefits discontinued. In the case of someone who is applying for benefits, the application The Pooled Trust can also offer commercial trustee and money management services to beneficiaries with even small to moderate amounts of money. only a modest percent of the fund. This means that specialized trustee services are now possible for individuals of limited to average means. The following list provides examples of individuals who can benefit from joining The Theresa Pooled Younger persons with special needs exception that is commonly referred to as a Recipients of personal injury settlements who Pooled Trust. The recipient or applicant who need to apply for, or protect, government places assets in a Pooled Trust will not be benefits this benefit of favorable asset treatment is trust account must belong to the individual beneficiary. 3. The Trust account may only be established by a parent, a grandparent, a legal guardian, the individual beneficiary, or by a Court. 4. Each Trust account must be established solely for the benefit of the individual beneficiary. For What Items Can the Trust Funds be Used? Who Can Benefit? In contrast, Federal Law creates a specific assets be counted as income. In New York, 2. The assets going into the beneficiary’s There is no minimum charge and the annual fee is for public benefits will be denied. available resource, nor will interest on the infirmities. market than would otherwise be available. Trust. subject to the rules that normally apply to trusts. Trust assets will not be counted as an “disabled” typically includes age-related What are the Added Benefits of a Pooled Trust? Living expenses, including clothing, food and shelter for non-SSI beneficiaries Housing costs such as utilities, rent, or real estate taxes Private pay care services Supplemental nursing care Medical procedures not provided through government assistance Entertainment and travel expenses are living at home Attorney and Guardian fees Recipients of government benefit programs Any other expenses not provided by Applicants for government benefit programs Elderly persons who have become infirm and government assistance programs available by joining The Theresa Pooled Trust. www.centersweb.com ph: (877) 766-5331 4912 Creekside Dr., Clearwater, FL 33760
© Copyright 2024 Paperzz