PLAN of Massachusetts’ trust and case management services
are unique. Our trust management services protect financial
resources, including present and future entitlements; our
case management services protect the quality of life for the
person with a disability. PLAN of Massachusetts provides trust
and case management services for two different types of Pooled
Trusts and for individual supplemental needs trusts.
We have successfully managed significant sums
of money for hundreds of individuals with disabilities.
PLAN of Massachusetts provides trust and case
management services for two Pooled Trusts.
Funds in a Pooled Trust are pooled for investment
purposes only. Each Trust beneficiary has his or her own separate
Sub-account account within the Pooled Trust. A Trust beneficiary
can access funds only from his or her own Sub-account.
We administer
> the MARC Special Needs Pooled
Trust, funded with assets belonging to the trust beneficiary;
and,
> the PLAN of
Massachusetts Third Party Pooled Trust, funded with assets
belonging to a family member or third party for the benefit
of a disabled individual.
• The MARC Special Needs Pooled Trust
is the oldest and largest Pooled Trust in Massachusetts.
Established in 1995, this Pooled Trust is funded with the
assets of the individual with a disability. It is also known
as a “self-settled trust,” a “Medicaid
payback trust,” or “(d)(4)(C) trust.”
The MARC Special Needs Pooled Trust is an irrevocable trust.
Federal law requires that such trusts be administered by
a non-profit organization.
• As of January 1, 2006 one hundred
individuals were enrolled in the MARC Trust Special Needs
Pooled Trust. These individuals live throughout Massachusetts
and in several New England states. They have a range of
disabilities and they range in age from 8 to 94. They live
in various settings, the community, nursing homes or other
types of residential settings. The total assets in this
Pooled Trust currently exceed $5 Million.
• Case management services for beneficiaries
of this Pooled trust ensure that public benefits such as
Supplemental Security Income (SSI) and Medicaid will continue,
and that beneficiaries receive additional public benefits
to which they are entitled. These services will also fulfill
reporting requirements in connection with the receipt of
public benefits. The case management process will also arrange
for direct services to be provided when needed, such as
shopping services, companion services, cleaning services,
and financial management services.
Cambridge Appleton Trust National Association
has been hired to manage the assets in the MARC Special Needs
Pooled Trust.
• Upon the death of the Trust beneficiary:
- 25% of any remaining funds are distributed to PLAN of
Massachusetts to be used for its charitable purposes,
and
- Medicaid is entitled to be “paid back” the
amount of the actual Medicaid benefits that the beneficiary
received during his or her lifetime.
- Any remaining funds (after 1 and 2) are distributed
to the remainder person(s) designated by the Trust beneficiary.
Click
here to download the MARC Special Needs Pooled Trust Beneficiary
Information Form
The Third Party Pooled Trust is funded with
assets belonging to families or other third parties to benefit
a person with a life long disability.
If the Trust beneficiary receives public benefits,
such as Supplemental Security Income (SSI) or Medicaid, the
funds in this Third Party Pooled Trust are used to supplement
those benefits. The Third Party Pooled Trust can provide for
quality of care options and opportunities, such as training,
treatment, housing, equipment, computers, and vacations.
The Third Party Pooled Trust is not a payback
trust. There is no requirement that government benefits that
the beneficiary received be repaid upon the death of the Trust
beneficiary. Although there is no requirement that PLAN of
Massachusetts retain any percentage of remaining funds upon
the death of the beneficiary we encourage donors to voluntarily
agree to leave a percentage of those remaining funds to PLAN
of Massachusetts.
Funding for the Third Party Pooled Trust can
come from a variety of sources:
• a will,
• a life insurance policy,
• an estate, a court settlement,
• a gift,
• a retirement account,
• cash, or
• savings.
The person(s) who funds the Third Party Pooled
Trust decides how and when the Trust beneficiary can begin
using the trust funds.
There are funded and ‘future funded’
Third Party Pooled Trusts. Assets placed in funded accounts
are invested so they will have the opportunity to grow. Even
if your family member begins using his disbursements immediately,
the balance will still earn interest or dividends.
If the assets will not become available until
sometime in the future, you can open a non-funded account.
Families choose this option so that they can make sure the
trust is set up properly while they are still living and so
they can put in writing, through the Life Care Plan, their
wishes for the future well-being of their family member with
a disability.
Cambridge Appleton Trust National Association
is the Trustee for the Third Party Pooled Trust. CATNA manages
Third Party Pooled Trust investments. Cambridge Appleton Trust
National Association, a national trust company located in
Cambridge, Massachusetts is a joint venture of Cambridge Savings
Bank and Appleton Partners. They bring together institutional
strength, professional expertise, and an commitment to client
services.
Click
here to download Joinder Agreement
Click
here to download Third Party Special Needs Pooled Trust Document
> Planning
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