Trust Terms and Definitions

The person for whom the sub-account has been established.

Assistance provided to the Beneficiary through government agencies or other organizations includes various programs such as SSI, SSDI, and MassHealth/Medicaid. Means-Tested Benefits are available only to individuals whose income and/or assets fall below a certain level. Means testing determines eligibility for MassHealth/Medicaid, SSI, and other benefits.

An invaluable tool to help prioritize spending and manage money, no matter how much or how little is available. A budget provides a concrete, organized, and easily understood breakdown of how much money is contributed and how much is being disbursed.

A person or entity that wishes to put funds into a Beneficiary’s sub-account.

This form must be completed, signed and submitted by the Beneficiary or Personal Representative each time funds are requested from the sub-account.

A legal duty to act solely on behalf of another party’s interests. These duties include prudent record keeping, safekeeping of assets and loyalty to the best interest of the Beneficiary. The Arc of Bristol County is required to comply with federal and state regulations regarding proper administration of the Trust.

The person who provided the funds to establish the trust. With this type of trust,
this person is the Beneficiary themselves.

Any Trust that cannot be modified or terminated. The Grantor, by transferring assets into that Trust, gives up all of his or her rights of ownership to the assets in that Trust. The Arc of Bristol County Master Pooled Trust is an Irrevocable Trust.

A legally binding document that the Grantor uses to join the Master Pooled Trust and establish a trust sub-account within it.

The person or entity that serves as the main point of contact on behalf of the Beneficiary regarding their sub-account in The Arc of Bristol County Master Pooled Trust (The Arc). This is the only person who will be able to request disbursements, update the Beneficiary's contact information, correspond with Trust Services staff, and receive monthly account statements, etc.

The funds remaining in the trust sub-account at the time of death of the Beneficiary. The funds will be distributed as set forth in the Joinder Agreement. The remainder amount distributed to The Arc of Bristol County is a charitable remainder supporting the nonprofit organization as an essential advocate and disability service provider.

The Social Security Administration and MassHealth/Medicaid require that any payment from the sub-account must be made for the sole benefit of the Beneficiary. This means that the Trustee cannot pay for items or services that benefit anyone other than the Beneficiary; however, the Trustee can pay the Beneficiary’s pro-rata share of purchases. (e.g. the Beneficiary’s portion of furniture for the whole family or Beneficiary’s portion of a shared cell phone plan).

The power or right to decide or act according to one’s own judgment, freedom of judgment or choice.

The Beneficiary’s account within The Arc of Bristol County Master Pooled Trust.

A financial expert specially trained in tax law, including Certified Public Accountants (CPAs). The Arc and Bristol County Savings Bank partner with an accounting firm who prepares the tax returns for each trust sub-account.

A non-profit organization recognized as a 501(c) (3) organization by the Internal Revenue Service. The Arc of Bristol County’s mission is to foster community partnerships, promote individual advocacy and create a pathway for growth and innovation by offering exceptional support and services to people with all abilities through
the attraction, development and retention of superior talent who passionately demonstrate best practices.

A person or organization that carries the fiduciary responsibility and liability to use Trust assets for a third party according to the provisions of the Trust document.

A specialized pre-paid Visa card that is an efficient and secure way for Beneficiaries to pay for items or services with funds from their sub-account while still remaining eligible for benefits.