The Arc of Bristol County Pooled Trust

In collaboration with Bristol County Savings Bank, The Arc of Bristol County is pleased to announce a new financial solution for families of persons with intellectual and developmental disabilities and the elderly.  The Arc of Bristol County Pooled Trust is a very useful estate planning tool to protect an individual’s public benefits and still save significant amounts of money for their future use.  By pooling funds, each individual account in the pooled trust yields more productive dividends for investment purposes in accordance with the value of their account balance.

“The Pooled Trust is a great option for families of moderate income, who wish to provide for their family member’s future needs,” said Michael Andrade, President and CEO of The Arc of Bristol County. “Families do not have to be associated with The Arc to participate in the Pooled Trust.  We are happy to offer this service to whoever needs this safe and affordable financial tool.”

Families are often faced with a dilemma trying to assist a relative who is dependent on government assistance.  Individuals with disabilities and the elderly may have needs beyond what is covered with government benefits, but have few ways to fund those needs without risking disqualification from benefits.  The Pooled Trust offers a safe way to fund supplemental needs without risk, ensuring disbursements are made as the family has instructed and compliant with MassHealth regulations

The Arc of Bristol County and Bristol County Savings Bank work closely with individuals and family members to provide the guidance for responsible life financial planning.  The Arc’s experienced staff extends all stages of advocacy with individually focused support, and enrollment legal advice. The Arc’s Pooled Trust ensures the needed reporting and record-keeping are completed, so families can have peace of mind regarding the supplemental needs for their relatives.

For more information please contact Jennifer Sweet, Trust Administrator at 508-226-1445.

Please click download:

Pooled Trust Enrollment Application (pdf)
Joinder
The Arc of Bristol County Pooled Trust

Fill-In and Print Joinder AgreementFOR ATTORNEY USE ONLY

What is a (d)(4)(C) Pooled Trust?

A pooled trust is a trust established and administered by a non-profit organization. A separate account is established for each beneficiary of the trust, but for the purposes of investment and management of funds, the trust pools these accounts. For self-settled, or (d)(4)(C) pooled trusts, each subaccount is established by the person with a disability, a parent, grandparent, guardian, or a court, and the trust is funded with the assets of the person with a disability. The trust provides that, upon the death of the disabled beneficiary, if there are funds remaining in the beneficiary’s subaccount, the trust must pay to the state an amount up to the total amount of Medicaid assistance provided to the beneficiary, to the extent that the funds are not retained by the trust. The pooled trust should be irrevocable to avoid being treated as a resource.

Third-party pooled trust subaccounts can also be established by family members who want to leave inheritances for persons with disabilities. Because these accounts are not funded with the assets of the person with a disability, they do not include a Medicaid payback provision.

When is a (d)(4)(C) Pooled Trust used?

Elder law attorneys often assist persons with disabilities who receive public benefits, including Supplemental Security Income (SSI) and Medicaid, and then receive an inheritance, divorce settlement, or personal injury settlement or award. The receipt of these funds may make this person ineligible for public benefits. The client could purchase exempt resources, and then reapply for benefits; however, in many cases, there are no appropriate exempt resources for the person with disabilities to purchase. The person with a disability would then be ineligible for public benefits until these funds are spent down. The person could give the funds away, however, the gifts would result in a period of ineligibility for SSI and Medicaid long-term care benefits. If under 65 years of age, then the person could transfer the funds to a (d)(4)(A) Special Needs Trust (SNT).  A fourth alternative is to transfer the funds to a (d)(4)(C) (“Pooled Trust”) subaccount.

What are the advantages of a (d)(4)(C) Pooled Trust subaccount compared to a (d)(4)(A) SNT?

The person with a disability under 65 years of age may create his or her own pooled trust subaccount. Because the pooled trust is managed by a non-profit organization, it is not necessary to find a trustee who is willing to manage the trust. Additionally, because the trust funds are pooled for investment and management purposes, the administrative expenses of these trusts are frequently lower than those of a (d)(4)(A) SNT.

The Arc of Bristol County Pooled Trust Intake Application

Created on 3/12/2014
  • APPLICANT RESIDENTIAL INFORMATION

  • APPLICANT DISABILITY INFORMATION

  • APPLICANT BENEFIT INFORMATION

  • Income Type(s):

  • List amount received monthly
  • List amount received monthly
  • List amount received monthly
  • List amount received monthly
  • List amount received monthly
  • List amount received monthly
  • Health Insurance

  • PRE-NEED FUNERAL / BURIAL INFORMATION

  • SIGNOR AND REPRESENTATIVE INFORMATION

  • Complete only if applicant has a Power of Attorney:

  • Complete only if applicant has a court-appointed Guardian and/or Conservator:

  • APPLICANT ESTATE INFORMATION

  • FUNDING INFORMATION

  • Initial Deposit to Trust

  • DISBURSEMENT INFORMATION

  • Distributions

  • APPLICANT ATTORNEY INFORMATION

  • REMAINDERPERSON / ORGANIZATION INFORMATION

  • Information about the person and /or organization identified any funds remaining after the beneficiary's death and final settlement costs. The Arc of Bristol County will receive 5% of the remaining assets if the account closes in year 1 and 2. The Arc of Bristol County will receive 25% of the remaining assets if the account closes year 3 and after.

  • If on death of the beneficiary, this person is not then living / organization no longer exists, this gift will lapse or continent to beneficiary (next section).
  • If on death of the beneficiary, this person is not then living / organization no longer exists, this gift will lapse or continent to beneficiary (next section).
  • If on death of the beneficiary, this person is not then living / organization no longer exists, this gift will lapse or continent to beneficiary (next section).
  • CONTINGENT REMAINDERPERSON / ORGANIZATION INFORMATION

  • OTHER INFORMATION

  • ACCOUNT REPORTING

    After an account has been set up, the beneficiary is legally required to report it to Social Security (if he or she receives SSI) or to the Massachusetts Medicaid agency ("MassHealth") if he or she is eligible for MassHealth, but not for SSI. An attorney who works regularly with The Arc of Bristol County Pooled Trust will assist you in fulfilling your legal duty to report the account to the correct government agency. If you have an attorney representing you, he will prepare a letter and supporting materials to your personal attorney, who will then use them to report the account to Social Security or MassHealth. If you are not personally represented by an attorney, he will prepare a reporting letter on your behalf with supporting materials directly to Social Security or MassHealth. The bill for the legal work necessary to satisfy your legal duty to report your account will be paid from your trust account.
  • FEE SCHEDULE

    The Arc of Bristol County Pooled Trust requires a minimum account of $5,000.00 (five thousand dollars). However, this amount requirement may be waived for hardship cases at the discretion of the President and CEO in his/her capacity serving as Trustee for the agency.
    Please complete this application and submit, and mail the enrollment fee check payable to: The Arc of Bristol County, 141 Park Street, Attleboro, MA 02703
  • Please make the check payable to The Arc of Bristol County Pooled Trust. Kindly note the memo to state "for the benefit of ______ (name of beneficiary). 5%of remainder is kept by The Arc of Bristol County Pooled Trust before MassHealth Estate Recovery if account is closed in year one and two. 25% of remainder is kept by The Arc of Bristol County Pooled Trust before MassHealth Estate Recovery if account is closed in year three and after. Annual Fees for services: $250 minimum or 2% of the sub account.
  • The undersigned Sponsor hearby wishes to establish a trust account under The Arc of Bristol County Pooled Trust on behalf of the Designated Beneficiary. The trust account shall be governed by the terms and conditions of The Arc of Bristol County Pooled Trust.



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