Our Trust Programs
We offer 4 different programs that suit a variety of financial situations. Beneficiaries may even have several accounts funded from different sources.
Programs #1, #2, and #3 are pooled for investment purposes and each beneficiary’s sub accounts have their own financial record and are used for that beneficiary’s sole benefit.
We are happy to discuss in more detail with you the varying options available. It is recommended that you consult your attorney for specific legal counsel including review of any program you are interested in.
Trust Program #1, our original pooled program created in 1993, allows client’s chosen attorney to draft the trust to suit an individual's special needs. This program includes a self-settled trust or a 3rd-party trust. This program retains the option for the family to choose the investment approach and financial institution, as well as limiting or expanding types of purchases the trust can make.
Trust Program #2, is our Special Needs Pooled Trust created in 2004, funded with the beneficiary's own assets. Similar to Program #1 in purpose and purchases permitted, the beneficiary is not required to retain an attorney to draft a trust document. They simply sign a joinder agreement to join our already existing Pooled Trust. This program has a Medicaid pay back provision as required by law for self-settled trusts. Passumpsic Financial Advisors is the trustee of this program and ELO is the trust manager.
Trust Program #3, is our Third Party Special Needs Pooled Trust created in 2010. It is funded by people other than the person with disabilities, often a parent, relative or friend. Similar to Program #1 and #2 in purpose and purchases permitted, this program does not require that an attorney be retained to create the trust. Program #3, like Program #2, allows the grantor/funder to simply sign a Joinder agreement which is under our established Pooled Trust. Unlike Program #2, this is not a Medicaid pay back trust, because it is funded with money from someone other than the beneficiary with disabilities. Charter Trust Company is the trustee of this program and ELO is the trust manager.
Trust program #4, is our Medicare Set-Aside Trust created in 2010. It is funded from certain personal injury settlements. The Medicare Set-Aside monies are used to pay for medical bills related to the injury itself.