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PLAN of Massachusetts’ trust and case management services are unique. Our trust management services protect financial resources, including present and future entitlements; our case management services protect the quality of life for the person with a disability. PLAN of Massachusetts provides trust and case management services for two different types of Pooled Trusts and for individual supplemental needs trusts.
We have successfully managed significant sums of money for hundreds of individuals with disabilities.
PLAN of Massachusetts provides trust and case management services for two Pooled Trusts.
Funds in a Pooled Trust are pooled for investment purposes only. Each Trust beneficiary has his or her own separate Sub-account account within the Pooled Trust. A Trust beneficiary can access funds only from his or her own Sub-account.
We administer
> the MARC Special Needs Pooled Trust, funded with assets
belonging to the trust beneficiary;
And,
> the PLAN of Massachusetts Third Party Pooled Trust, funded with assets belonging to a family member or third party for the benefit of a disabled individual.
• The MARC Special Needs Pooled Trust is the oldest and largest Pooled Trust in Massachusetts. Established in 1995, this Pooled Trust is funded with the assets of the individual with a disability. It is also known as a “self-settled trust,” a “Medicaid payback trust,” or “(d)(4)(C) trust.” The MARC Special Needs Pooled Trust is an irrevocable trust. Federal law requires that such trusts be administered by a non-profit organization.
• As of January 1, 2006 one hundred individuals were enrolled in the MARC Trust Special Needs Pooled Trust. These individuals live throughout Massachusetts and in several New England states. They have a range of disabilities and they range in age from 8 to 94. They live in various settings, the community, nursing homes or other types of residential settings. The total assets in this Pooled Trust currently exceed $5 Million.
• Case management services for beneficiaries of this Pooled trust ensure that public benefits such as Supplemental Security Income (SSI) and Medicaid will continue, and that beneficiaries receive additional public benefits to which they are entitled. These services will also fulfill reporting requirements in connection with the receipt of public benefits. The case management process will also arrange for direct services to be provided when needed, such as shopping services, companion services, cleaning services, and financial management services.
Cambridge Appleton Trust National Association has been hired to manage the assets in the MARC Special Needs Pooled Trust.
• Upon the death of the Trust beneficiary:
- 25% of any remaining funds are distributed to PLAN of Massachusetts, to be used for its charitable purposes, and
- Medicaid is entitled to be “paid back” the amount of the actual Medicaid benefits that the beneficiary received during his or her lifetime.
- Any remaining funds (after 1 and 2) are distributed to the remainder person(s) designated by the Trust beneficiary.
Click here to download the MARC Special Needs Pooled Trust Beneficiary Information Form
The Third Party Pooled Trust is funded with assets belonging to families or other third parties to benefit a person with a life long disability.
If the Trust beneficiary receives public benefits, such as Supplemental Security Income (SSI) or Medicaid, the funds in this Third Party Pooled Trust are used to supplement those benefits. The Third Party Pooled Trust can provide for quality of care options and opportunities, such as training, treatment, housing, equipment, computers, and vacations.
The Third Party Pooled Trust is not a payback trust. There is no requirement that government benefits that the beneficiary received be repaid upon the death of the Trust beneficiary. Although there is no requirement that PLAN of Massachusetts retain any percentage of remaining funds upon the death of the beneficiary, we encourage donors to voluntarily agree to leave a percentage of those remaining funds to PLAN of Massachusetts.
Funding for the Third Party Pooled Trust can come from a variety of sources:
• a will,
• a life insurance policy,
• an estate, a court settlement,
• a gift,
• a retirement account,
• cash, or
• savings.
The person(s) who funds the Third Party Pooled Trust decides how and when the Trust beneficiary can begin using the trust funds.
There are funded and ‘future funded’ Third Party Pooled Trusts. Assets placed in funded accounts are invested so they will have the opportunity to grow. Even if your family member begins using his disbursements immediately, the balance will still earn interest or dividends.
If the assets will not become available until sometime in the future, you can open a non-funded account. Families choose this option so that they can make sure the trust is set up properly while they are still living and so they can put in writing, through the Life Care Plan, their wishes for the future well-being of their family member with a disability. .
Cambridge Appleton Trust National Association is the Trustee for the Third Party Pooled Trust. CATNA manages Third Party Pooled Trust investments. Cambridge Appleton Trust National Association, a national trust company located in Cambridge, Massachusetts is a joint venture of Cambridge Savings Bank and Appleton Partners. They bring together institutional strength, professional expertise, and an commitment to client services.
Click here to download Joinder Agreement
Click here to download Third
Party Special Needs Pooled Trust Document