Trust Planning

As most of us are familiar with the conventional life-planning strategy of a health care proxy, will, or power of attorney, you may not be aware of the possibility of providing your loved one with alternatives with various trust options. A trust is a legal plan for placing funds and other assets in the control of a trustee for the benefits of an individual. It is a considerably less expensive alternative for the protection of an individual’s assets without having the individual declared incompetent.

The Arc of Bristol County works closely with individuals and family members or other interested parties to provide guidance for responsible life planning and making important choices for your future. With The Arc serving as Trustee, elders, individuals, and families benefit from professional investment management, detailed accounting of all disbursements, annual account updates, tax preparation and payments, and added protection from creditors, offering peace of mind in securing their financial investments.

(d)(4)(C) Trust; self-settled
When funded by the assets of a person with a disability, such as from an injury settlement or house sale, funds are combined with those of others, yet individual investment growth is monitored. Each trust Beneficiary has a separate sub-account, while the funds are pooled for investment.

Third Party Trust
Funded with assets of a third party, like a parent or grandparent, for a person with a disability (ie, will, savings, insurance policy). Funds are pooled with others for investment purposes, but growth is tracked individually. Because these accounts are not funded with the assets of the person with a disability, they do not include a MassHealth/Medicaid payback provision.

Self-settled or funded by third party
The Arc of Bristol County will take over currently as trustee or plan to take over in the future when needed.