Advocate –
Named by the Grantor, this person is responsible for
making requests to CCT for disbursements that are for
the sole benefit of the Beneficiary. The Advocate
will have access to financial statements. The
Advocate can be the Beneficiary, a Guardian,
Conservator, Power of Attorney, family member and/or
someone who is familiar with the needs of the
Beneficiary. CCT requests additional Advocates be
named as backup.
Beneficiary – The person for whose benefit the trust is established.
Disability – A developmental disability or disability due to an accident is defined by the Social Security Administration as the inability to engage in substantial gainful activity (employment) for an adult. There must be a physical or mental impairment that can be expected to last at least 12 months.
Fiduciary – A fiduciary acts on behalf of the Beneficiary of a trust fund and is held to the highest standards of loyalty and competence in the administration of the trust (see Trustee).
Grantor – The person who establishes the trust and is generally the person whose assets fund the trust.
Irrevocable Trust – A Third Party Special Needs Trust can be established as irrevocable where no one reserved the power to revoke the trust. The trust becomes irrevocable upon the death of the Grantor. The trust document conforms to the requirements of 42 U.S.C. 1396p and/or state law. A Pooled Disability Trust is irrevocable by law.
Joinder Agreement – The legal contract for enrollment that is used when parties create a trust as outlined by the Master Trust Agreements. The Joinder Agreement needs to be completed, signed and notarized.
Letter of Intent – The Family and Beneficiary Information form provides SNT participants an opportunity for the Grantor(s) to elaborate on their vision and goals for the trust and to share with the Trustee information about the Beneficiary which can include special interests, likes and dislikes. The Objectives for the Trust form provides the same opportunity for PDT participants.
Master Trust Agreement – Arrangement where a trust company acting as the Trustee manages individual special needs trusts under the umbrella of a "master" or large trust fund.
Medicaid – One of two principal health care programs run by state governments available to those who are disabled and meet financial eligibility requirements (rather than recipient age requirements) covering much of necessary medical care. Along with SSI, maintaining eligibility for Medicaid is a central focus of special needs trust administration.
Medicaid Payback – In order for a Beneficiary of a self-funded Pooled Disability Trust to have money in a trust, federal and state law requires that upon the Beneficiary’s death, the state or states will have a claim against the trust money for any money that the state Medicaid program has paid out on his or her behalf that is not retained by a nonprofit organization. It is important to note that the third party Special Needs Trust does not require a Medicaid payback upon the Beneficiary’s death.
Medicare – One of two principal health care programs operated and funded by the federal government for senior citizens, people 65 years of age or older; certain younger people with specific disabilities; and people with end-stage disease such as renal disease.
Pooled Trust – A trust that is administered by a nonprofit organization where the funds are pooled for investment purposes. Each beneficiary’s sub account is maintained separately for purposes of keeping accurate records on deposits and withdrawals. Financial statements are available on the internet or are mailed quarterly.
Revocable Trust – Refers to any trust which is, by its own terms, revocable and/or amendable, meaning able to be undone or changed.
Self-Funded Pooled Disability Trust (PDT) – Self-funded by the individual with a disability as a result of a personal injury award, social security back-payment or inheritance. For people that receive Medicaid, this is a Medicaid payback trust. The PDT is irrevocable by law.
Social Security Disability Insurance – Sometimes referred to as SSDI or SSD, this benefit program is available to individuals with a disability who have sufficient work history prior to becoming disabled or are entitled to receive benefits by virtue of being a dependent or survivor of a disabled, retired or deceased insured worker.
Special Needs – The trust is for the Beneficiary's "special needs" or sometimes referred to as "supplemental needs."
Supplemental Security Income (SSI) – This benefit program is available to low-income individuals who are disabled, blind or elderly and have limited income and few assets. SSI eligibility rules (no more than $2,000 in assets in year 2010) form the basis for most other government program rules and are the central focus for special needs trust planning and administration.
Third Party Special Needs Trust (SNT) – Funded by a third party, usually a parent or other close family member to improve the quality of the Beneficiary’s life. Sometimes called a "supplemental needs trust."
Trust – A trust is an arrangement by which a person makes a financial gift to a Trustee to be used for the benefit of the Beneficiary.
Trustee – Designated by the Grantor, the Trustee manages the trust’s assets, administers the trust provisions and makes disbursements from the trust. The Trustee may be a professional Trustee such as CCT (see Fiduciary).
Beneficiary – The person for whose benefit the trust is established.
Disability – A developmental disability or disability due to an accident is defined by the Social Security Administration as the inability to engage in substantial gainful activity (employment) for an adult. There must be a physical or mental impairment that can be expected to last at least 12 months.
Fiduciary – A fiduciary acts on behalf of the Beneficiary of a trust fund and is held to the highest standards of loyalty and competence in the administration of the trust (see Trustee).
Grantor – The person who establishes the trust and is generally the person whose assets fund the trust.
Irrevocable Trust – A Third Party Special Needs Trust can be established as irrevocable where no one reserved the power to revoke the trust. The trust becomes irrevocable upon the death of the Grantor. The trust document conforms to the requirements of 42 U.S.C. 1396p and/or state law. A Pooled Disability Trust is irrevocable by law.
Joinder Agreement – The legal contract for enrollment that is used when parties create a trust as outlined by the Master Trust Agreements. The Joinder Agreement needs to be completed, signed and notarized.
Letter of Intent – The Family and Beneficiary Information form provides SNT participants an opportunity for the Grantor(s) to elaborate on their vision and goals for the trust and to share with the Trustee information about the Beneficiary which can include special interests, likes and dislikes. The Objectives for the Trust form provides the same opportunity for PDT participants.
Master Trust Agreement – Arrangement where a trust company acting as the Trustee manages individual special needs trusts under the umbrella of a "master" or large trust fund.
Medicaid – One of two principal health care programs run by state governments available to those who are disabled and meet financial eligibility requirements (rather than recipient age requirements) covering much of necessary medical care. Along with SSI, maintaining eligibility for Medicaid is a central focus of special needs trust administration.
Medicaid Payback – In order for a Beneficiary of a self-funded Pooled Disability Trust to have money in a trust, federal and state law requires that upon the Beneficiary’s death, the state or states will have a claim against the trust money for any money that the state Medicaid program has paid out on his or her behalf that is not retained by a nonprofit organization. It is important to note that the third party Special Needs Trust does not require a Medicaid payback upon the Beneficiary’s death.
Medicare – One of two principal health care programs operated and funded by the federal government for senior citizens, people 65 years of age or older; certain younger people with specific disabilities; and people with end-stage disease such as renal disease.
Pooled Trust – A trust that is administered by a nonprofit organization where the funds are pooled for investment purposes. Each beneficiary’s sub account is maintained separately for purposes of keeping accurate records on deposits and withdrawals. Financial statements are available on the internet or are mailed quarterly.
Revocable Trust – Refers to any trust which is, by its own terms, revocable and/or amendable, meaning able to be undone or changed.
Self-Funded Pooled Disability Trust (PDT) – Self-funded by the individual with a disability as a result of a personal injury award, social security back-payment or inheritance. For people that receive Medicaid, this is a Medicaid payback trust. The PDT is irrevocable by law.
Social Security Disability Insurance – Sometimes referred to as SSDI or SSD, this benefit program is available to individuals with a disability who have sufficient work history prior to becoming disabled or are entitled to receive benefits by virtue of being a dependent or survivor of a disabled, retired or deceased insured worker.
Special Needs – The trust is for the Beneficiary's "special needs" or sometimes referred to as "supplemental needs."
Supplemental Security Income (SSI) – This benefit program is available to low-income individuals who are disabled, blind or elderly and have limited income and few assets. SSI eligibility rules (no more than $2,000 in assets in year 2010) form the basis for most other government program rules and are the central focus for special needs trust planning and administration.
Third Party Special Needs Trust (SNT) – Funded by a third party, usually a parent or other close family member to improve the quality of the Beneficiary’s life. Sometimes called a "supplemental needs trust."
Trust – A trust is an arrangement by which a person makes a financial gift to a Trustee to be used for the benefit of the Beneficiary.
Trustee – Designated by the Grantor, the Trustee manages the trust’s assets, administers the trust provisions and makes disbursements from the trust. The Trustee may be a professional Trustee such as CCT (see Fiduciary).
