Trusts for individuals with disabilities reassure families.
If you’re an attorney or financial planner working with families, you need to know about this new and simple-to-use trust option for people with disabilities.
People Inc. and Legal Services for the Elderly, Disabled, and Disadvantaged of WNY have collaborated to create a one-of-a-kind supplemental needs trust. Disabled individuals and their families concerned about their financial future can benefits, and it’s never been easier - - the trusts are completed, administration in place, and all the time-consuming work ahs been down. These trusts can be important tools for you to use to add value to the services you provide your clients.
The Western New York Coalition Pooled Trust
- Trust I provides a way for people with disabilities under the age of 65 to use their own money to enhance their quality of life.
- Trust II provides for gifts from third parties, allowing families to enhance the quality of life for their disabled loved one without causing the loss of their government benefits. The money deposited into the trusts can be used on items that enhance the quality of life for individuals with disabilities such as obtaining additional care, travel, and more in addition to life’s basic necessities.
Benefits of Pooled Trust:
- Since the trust is already created, there are no start up issues and complexities.
- All record keeping, tax returns, and accounting are prepared by the trustees.
- Investments are professionally managed.
- The local trustees have extensive knowledge and experience with government benefits.
- The trustees have great sensitivity to the needs of individuals with disabilities
- You don’t have to worry about your loved one with a disability outliving the trustee.
- Unlike stand alone self-funded Supplemental Needs Trust, money remaining in the self-funded (WNY Coalition Pooled Trust 1) does not have to be paid back to the government. The money can stay in the trust and help other individuals with disabilities. This distinction only applies to pooled trusts.
What are Family Member Saying about the Pooled Trust Program?
“As parents of two children with mental retardation it is crucial that we safeguard their financial future.”
“Now the whole family feels at ease. We know our loved one will have that they need.”
The Western New York Coalition Pooled Trust is administered by co-trustees People Inc.; Legal Services for the Elderly, Disabled and Disadvantaged of Western New York; and KeyBank
