Supplemental Needs Trust
Typically, parents leave money to their children by means of a will or living trust. But for a child with a developmental disability, an inheritance or gift of any size could jeopardize eligibility for government aid, such as Supplemental Security Income or Medicaid.
Enhancing Quality of Life
To prevent that from happening, Heritage Christian Services Foundation can assist you with setting up a Special Needs Trust that provides income and allows your loved one to receive gifts without jeopardizing benefits.
While government benefits provide only for the bare necessities–food, shelter and clothing–a Special Needs Trust allows your loved one to achieve a higher quality of life by providing money for such “extras” as summer camp, outings to the movies, purchase of adaptive equipment, or even a vacation.
Heritage Christian Services also operates a Pooled Special Needs Trust for those it serves. In this case, resources are pooled for investment purposes, often reducing risk and cost. Each individual has a share in the fund based on family contributions. It’s important to note that a Pooled Special Needs Trust is strictly to benefit your loved one and no portion of a family’s contribution is used to benefit anyone else during their lifetime.
The initial contribution is a minimum of $5,000 for Pooled Trust I. Additions of $1,000 or more can be made at any time during your lifetime or through your estate plan. Many families choose to fund the trust through life insurance policies and retirement plans.
Parents may also name the fund in their will or as a beneficiary of insurance or retirement plans to benefit their child. To do so, simply add the following words to your will:
I give and bequeath the sum of ______ and 00/100 dollars ($_________) to the HERITAGE CHRISTIAN SERVICES FOUNDATION, INC. and KEY BANK NATIONAL ASSOCIATION as Co-Trustees of the HERITAGE CHRISTIAN SERVICES FOUNDATION, INC. POOLED TRUST to be held for the benefit of my (relationship of beneficiary), (name of beneficiary). Upon the passing of (name of beneficiary), any sums remaining in such trust shall pass to the Heritage Christian Services Foundation, Inc.
For retirement plans and insurance, add the following language:
Heritage Christian Services Foundation, Inc., as trustee of the Heritage Christian Services, Inc, Pooled Trust f/b/o ________.
There are two kinds of pooled trusts.
In both cases, the Heritage Christian Services Foundation pools investments and manages the funds for optimum performance. For information or help setting up a Pooled Trust, call Mark Zawacki at the Heritage Christian Services Foundation at (585) 340-2010.