What is the primary purpose of the trust?
The primary purpose of the trust is to enhance the quality of life of an individual without jeopardizing government means tested benefits.
Who can participate in the Pooled Trust?
To participate, the beneficiary of the trust must have a certified disability of any type and must live in Minnesota. We serve people throughout the state. Also, there is no age limit for a pooled trust.
Who can establish a trust?
- 1st party trust – the beneficiary, parent, grandparent or court can establish the
- 3rd Party trust – not the beneficiary, only a third
Are there fees for using the trust?
Yes, there is a one-time $1000 enrollment fee as well as monthly fees for trusts that are funded. Monthly fees are set forth in the Trust Joinder Agreements. Unfunded trust will have annual renewal fees.
What documentation is required to establish a trust?
- Executed Joinder Agreement.
- Proof of disability (beneficiary).
- Current Government Issued Photo ID (beneficiary).
- W9 signed (beneficiary).
Is there a funding limit for the trust?
No, there is no limit to the amount of funds that can be put into the trust.
Is the trust Revocable?
No, deposits into the trust are irrevocable. This is required for assets in the trust not to be a countable resource of the beneficiary.
When can a Master Pooled Trust be set up?
Now – By a parent or other family member who wants to provide funds to benefit their loved one with a disability. It can be funded ow or in the future form an insurance policy, estate, or other sources.
Anytime – When a person with a disability receives a windfall of money, such as a Social Security back payment, an inheritance, or court settlement.
Who is the Trustee of the Pooled Trust?
The Arc Minnesota is trustee. Associated bank is the trust manager who manages the investments of the trust sub-accounts.
Can the trust be used to buy gifts or give to charity?
No. Trust funds can only be used for the sole benefit of the beneficiary; these uses do not qualify.
Can a monthly allowance or stipend be deposited in the beneficiary’s checking account?
No, cash cannot be given to a beneficiary.
Does the Arc Minnesota provide reporting to government agencies?
Yes, reporting of disbursements and deposits into trust are reported on a quarterly basis. Annual reporting is also done to the state of Minnesota.