What's New -> The Western New York Coalition Pooled Trusts -> Questions and Answers
- Why should I join the trust?
- How do I apply to join the trust?
- How will I know that I have been accepted?
- Are there fees to join?
- How do I make a deposit?
- Do I need a lawyer to join the trust?
- Will the trust notify Medicaid and SSI once I am accepted?
- Will the trust handle my personal affairs?
- Once I am accepted, how do I request recurring distributions?
- Once I am accepted, how do I request a one time distribution?
- Can I be reimbursed for expenses I already paid for?
- When can I start requesting distributions?
- What statements will I receive?
- What can my trust funds be used for?
- What happens to my trust funds after my death?
- Are contributions to the trust tax deductible?
- How are trust funds invested?
1. Why should I join the trust?
In general, individuals receiving public benefits are restricted to certain
resources levels, depending on the particular public benefits program.
If you have access to resources over those levels, that access can result
in your loss of benefits for each month those funds are deemed to be
"available" to you. Once you deposit assets into our pooled supplemental
needs trust those funds become exempt.
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2. How do I apply to join the trust?
In order to join the trust, you must meet with one of the agency trustees. Please contact Kathy Kanaley at Legal Services for the Elderly, Disabled or Disadvantaged of Western New York, Inc. 853-3087, or Tracey Kosmoski at People Inc. at 634-8132. A meeting will be set up at which time we will explain how the trust works and you may ask questions. If you are unable to travel to our offices, we will gladly meet you at your home.
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3. How will I know that I have been accepted?
You will receive a confirmation package once you are accepted into the trust.
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4. Are there fees to join?
Yes. All fees are set out in the fee schedule, which will be provided to you at your first meeting with the agency staff.
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5. How do I make a deposit?
To make a deposit into Trust Number One, the Self Settled Independence Trust, make a check out to Trustees of the Western New York Coalition Pooled Trust for the benefit of [NAME OF BENEFICIARY]. To make a deposit into Trust Number Two, the Friends and Family Trust, make your check payable to Trustees of the Western New York Coalition Friends and Family Trust for the benefit of [ NAME OF BENEFICIARY] . Please be sure to include the name of the beneficiary on the check.
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6. Do I need a lawyer to join the trust?
Yes. The trustees do not give legal advice. Due to the complicated nature of this transaction, we require that you have independent legal advice to determine if the trust is best able to meet your particular circumstances. If you do not have a lawyer, please call the Erie County Bar Association's Lawyer Referral & Information Service at 852-8687.
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7. Will the trust notify Medicaid and SSI once I am accepted?
No. Your confirmation package will include a sample letter for you to send to SSI and Medicaid. You, or the person who helps you, should send the notice as soon as you are accepted into the trust.
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8. Will the trust handle my personal affairs?
No. The trust will not act as legal guardian, or power of attorney for you.
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9. Once I am accepted, how do I request recurring distributions?
We will set up most recurring distributions at your initial interview. In addition, your confirmation packet will include blank Check Distribution Request Forms. You may use these for future requests, either recurring or one time expenses.
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10.
Once I am accepted, how do I request a one time distribution?
All requests must be in writing and we will not give you, or your family members, cash. If you would like a distribution, you must complete the Check Distribution Request Form and send it back to your agency contact person. If your agency contact is Legal Services for the Elderly, Disabled or Disadvantaged of Western New York, please send your form to 821 Ellicott Square Building Buffalo, New York 14203, Att: Kathy Kanaley. If your agency contact is People Inc., please send it to Tracey Harrienger, Esq. at 1219 North Forrest Road Williamsville, New York 14221. The Management Committee of the trust, will meet once per month to consider all requests. If your request is approved, a check will be issued to the appropriate party.
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11.
Can I be reimbursed for expenses I already paid for?
In some cases, yes. However, you must get approval from the trust, before you make any purchases.
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12. When can I start requesting distributions?
You may request distributions immediately after you receive your confirmation packet. How soon payment is actually made depends upon the nature and timing of your request. In general, the Management Committee will meet once per month to consider the requests from all the beneficiaries in the pooled trust. It can take up to two weeks after that to receive a check from our bank trustee.
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13. What statements will I receive?
You will receive statements two times per year.
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14. What can my trust funds be used for?
Trust funds can be made for anything that enhances the quality of your life without impacting your public benefits (such as Medicaid and SSI). Examples include things such as entertainment, travel and hobbies. In addition, the trust can make distributions for certain emergency purposes. However, the trustees have complete discretion to approve, or deny requests. For more information on trusts, please see our website at www.lsed.org.
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15. What happens to my trust funds after my death?
During your lifetime, all your funds will be used to enhance the quality of your life, without causing you to lose your public benefits. There may be no funds remaining at your death. However, if there is money left in your trust at your death and the original funds belonged to you, anything that remains after your death will stay in the trust to benefit other disabled people. You may benefit from this arrangement, as well. If your trust funds do not last your entire lifetime, trust funds left from other beneficiaries who have died may be used for your benefit.
If the funds belonged to a friend or family member who set the trust up for your benefit, that person can direct where any remaining funds should go after your death. However, 25% of anything that remains at your death must go to the agency trustees (Legal Services for the Elderly, Disabled or Disadvantaged of Western New York and People Inc.).
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16. Are contributions to the trust tax deductible?
No.
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17. How are trust funds invested?
Funds from all the beneficiaries of the trust are pooled together and managed by the corporate trustee. Currently all investments are fixed income.
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