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Trust
What is a special needs pooled trust?
To ensure your family member will have Security, Support, funds for extra comforts and services, medical care not covered by benefits or insurance, you will want to consider having a Personal Support Trust.
Personal Supports Trusts are 2 individually tailored trusts that can be set up by families
or individuals with disabilities to cover 2 types of life situations.
- A self funded trust can be set up by an individual with a disability who may have a large sum of money
from a financial settlement, back payment from Medicaid, or other award money.
- A family funded trust is set up by parents or other relatives to provide supplemental
funds for a disabled family member. This trust can be funded now or you can plan to fund it later if your family member is
left money through a life insurance policy or through another arrangement.
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Why would the trust benefit my family?
- Families who do not have someone to serve as trustee.
- Families whose assets are insufficient for a bank to manage in a separate trusts.
- Families & individuals who want an established organization that is knowledgeable about benefits and services and a
bank with a financial expertise, working together for the long-term support of their family member.
- Individuals with disabilities who receive large sums of money that would otherwise jeopardize their eligibility for
benefits.
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Who manages the trust?
- The Foundation of the Arc of Northern Virginia oversees & managesthe disbursements to be used on
behalf of the beneficiary.
- Sun Trust Bank serves as trustee and provides professional investment services.
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For additional information or to get started on the important step of planning for the future, please
contact Carrie Frey, Director of Services at 703-532-3214, ext. 102 or at cfrey@thearcofnova.org
