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The Arc of Northern Virginia
Pooled Special Needs Trust Services
OVERVIEW OF AVAILABLE
SPECIAL NEEDS TRUSTS
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The Arc of Northern Virginia Personal Support Trust is the legal name designated for Supplemental or Special Needs Trusts (SNT). The purpose of this Trust is to enable people with disabilities to derive the greatest possible benefit from family money, financial settlements financial gifts and other awards of money and assets, in addition to any public benefits and services to which they have entitlement.
Pooled Supplemental Special Needs Trusts
- Pooled Trusts are allowed under Federal Statute 42 USC 1396 p (d)(4)(c).
- A Pooled SNT is established and managed by an authorized nonprofit association such as The Arc of Northern Virginia.
- Each account in the Trust is established solely for the benefit of the beneficiary by the parent, grandparent, legal guardian of the beneficiary, or a court.
- For purposes of investment and management of funds, the trust pools these individual accounts. In sum, The Arc of Northern Virginia, as an authorized nonprofit association, and its legal counsel have created a Pooled SNT, our Personal Support Trust, to which funds are transferred in order to protect the individual's assets and to ensure that you, if you are disabled, or your child will qualify to receive government benefits and services.
Geographic Range of Services
We offer continuity, reliability and expertise while providing Pooled Trust Management to families and individuals with disabilities in Virginia, Maryland and Washington, DC.
Open to People of All Disabilities
The Arc of Northern Virginia Pooled Trust is open to all individuals who meet Social Security’s definition of disability. In short, the individual must have a physical or mental condition, or a combination of conditions, that result in marked and severe functional limitations. This means that the condition(s) must very seriously limit activities. For the complete definition please visit this website: http://www.ssa.gov/pubs/10026.html.
Planning for the Future
Planning for your loved ones’ needs when you are no longer here or planning for yourself if you are an individual with disabilities is of utmost importance. Our Pooled SNT preserves your loved ones' or your entitlement to public benefits while allowing one to receive the benefit of the trust assets, thereby supplementing instead of supplanting government benefits.
The Pooled Trust enhances the individual with disability's quality of life thus ensuring that the funds invested in the pooled trust will be used to provide security, support, extra comforts and services, medical care and other supplemental needs not covered by benefits or insurance.
- The Family-Funded Personal Trust
This Trust was originally established on July 16, 1999 and amended and restated in its entirety on February 21, 2006. The Family-Funded Personal Support Trust allows families to provide for the financial future of loved ones with disabilities without affecting eligibility for government benefits such as Supplemental Security Income (SSI), Medicaid, Medicaid Waivers and residential programs. This trust can be funded now or you can plan to fund it later a through a life insurance proceeds, a retirement account, living trust or other arrangement. - The Self-Funded Personal Trust
This Trust was originally established on July 16, 1999, amended and restated in its entirety on February 21, 2006. The Self-Funded Personal Support Trust allows individuals with disabilities to fund their own trust allowing them to maintain eligibility for government benefits. These funds often stem from an inheritance, a personal injury settlement, or back payment from social security.
Disbursements from the Trust
Generally, federal government benefit programs are limited to providing for basic needs like food, shelter and medical care. Funds invested for beneficiaries in The Arc of Northern Virginia Pooled Trust may be spent on any goods or services for the benefit of the Beneficiary for which Supplemental Security Income or Medicaid does not pay. Disbursement request form.
Continuity, Reliability and Expertise
The Arc is the world’s largest community based organization of and for people with intellectual and developmental disabilities. Our history, stability and expertise are well documented. The Arc of Northern Virginia chapter was established in 1963 and continues to be a leader in advocating and supporting individuals with disabilities and their families.
Our knowledge of federal government benefit programs is current. We apply this knowledge, working to ease the family’s burden of having to navigate yet another system. By doing so your child’s or your entitlement to public benefits is preserved while allowing the individual with disabilities to receive the benefit of the trust assets.
Professional, Affordable Management
The Foundation of The Arc of Northern Virginia oversees the Pooled Trust. The Trust Team handles the day to day management of disbursements to be used on behalf of the beneficiary. By offering a one-time consultation and enrollment fee and low annual fees our Pooled Trust is affordable to families and individuals with disabilities. SunTrust Bank serves as trustee and provides professional investment services.
Now IS the Time
It’s never too early to establish a Pooled Special Needs Trust. It is not necessary to place assets in the trust immediately—many Family-Funded Trusts are unfunded until one or both parents pass away. The trust is established now so that a plan is in place, and assets flow into the trust at the death of the parent or other loved one. The established Trust can be funded with life insurance policies, retirement plans, stocks, property and/or other assets. The trust must be established now, so that you can designate the trust as beneficiary of life insurance, IRA’s etc. or as a recipient of funds under your will.
A Special Needs Trust is the ONLY type of trust that allows you to leave money for the benefit of your loved one while protecting his or her government benefits.
If upon your death you do not have a special needs trust in place for your loved one , then he or she will receive the assets outright and that may interfere with their eligibility for SSI, Medicaid, housing assistance or other benefits. If the special needs trust is not established until AFTER the inheritance or gift is received, then it is cumbersome and expensive to have the Court establish a trust. Even more importantly, the trust established AFTER the inheritance or gift is received (a Self-Funded Trust) is subject to payback to Medicaid. A trust you establish NOW will not be subject to Medicaid payback. Plan ahead to save your loved one the headache, as well as the possibility of losing government benefits.
Once established, a Family-Funded Trust can be funded by others.
A Special Needs Trust is the ONLY type of trust that allows you to leave money for the benefit of your loved one while protecting his or her government benefits. Once established, a Family-Funded Trust can also be funded by others. You establish a Trust Plan that outlines how, when and why money will be distributed to or for the benefit of your loved one.
The Advantages of Our Pooled Trust
There are four major advantages to working with The Arc of Northern Virginia for your Personal Support Trust:
1. Our Trust fees are less than what is normally charged by most commercial banks and trust companies with no minimum deposit;
2. The Personal Support Trust has the advantage of being a more permanent trust arrangement than can be established through a relative or friend of the Beneficiary;
3. The Foundation of The Arc of Northern Virginia is familiar with the needs of individuals with disabilities;
4. The Arc of Northern Virginia provides families and individuals with a service on which they can depend. Our established organization is knowledgeable about benefits and services, SunTrust Managmement possesses financial expertise, and together we work for the long-term support of your family member.
Our Expertise
This is the eleventh year that The Arc of Northern Virginia Personal Support Trust has been in operation.
We offer continuity, reliability and expertise while providing Pooled Trust Management to families and individuals with disabilities in Virginia, Maryland and Washington DC.
The Foundation Board Team
The Foundation of The Arc of Northern Virginia provides Trust oversight. The Foundation Board consists of a knowledgeable group of people with expertise in money management and disability issues
Doug Church, Chair
Alan Harbitter, Past Chair
Alex Yellin, Secretary
Lee Lowder
Jeff Wilklow
Nancy Mercer, Executive Director, The Arc of Northern Virginia
Trust ad hoc Advisory Committee
Kelly A. Thompson, Attorney
Counsel for our Pooled Special Needs Trust
Tony Wykes, CFTA
Vice President, Client Advisor, Suntrust
Private Wealth Management
For more information call Tia Marsili: 703-532-3214 x115