Navigating services for a loved one with disabilities can be exhausting and time-consuming. How many of the following scenarios sound familiar?
- Searching online brings up thousands of blog posts, scholarly articles, websites, and even YouTube videos dedicated to discussing the maze of disability services.
- Spending hours a day for months filling out applications for a disability determination, services and supports to protect your loved one.
- After receiving an eligibility determination from the state, some states, including Kansas and Missouri, often have a waitlist of 2-3 years for waiver services.
Nothing about the process seems to move quickly. So what do you do when something such as an unexpected inheritance, backpay from Social Security, or proceeds from a personal injury settlement threatens your loved one’s eligibility for services due to excess resources?
Arcare provides options
Arcare has developed its trust services to help you or your loved one with disability preserve the financial resources required to meet their needs without jeopardizing eligibility for government-provided supplemental benefits.
The Arcare Trust I and Trust II programs ensure individuals with disability can access the financial resources needed for daily life beyond food, shelter, and basic medical care while preserving eligibility for public benefits. Arcare handles the paperwork and disbursement of funds while delivering personalized service and attention to clients. This frees family members from the overwhelming responsibility of being a money manager or trustee.
Arcare offers two types of special needs trusts (SNT).
Arcare Trust I
The Arcare Trust I is a third-party special needs trust for parents and family members who want to provide for a person with special needs. In this situation, Arcare holds, protects and administers “inherited” money for the individual with a disability in a professional, caring and cost-effective manner.
Here are just some of the benefits of this type of trust:
- The grantor(s) can name the remainder beneficiary.
- It is cost-effective and less complex than a private third-party special needs trust.
- The trust can be set up now or deferred until funds are distributed under an estate plan.
- The beneficiary maintains eligibility for public benefits while benefiting from the assets in the trust.
Arcare Trust II
The Arcare Trust II is a self-settled special needs trust. This type of trust is for clients who have excess funds from a settlement, inheritance, back disability payment, or other special circumstance while receiving Supplemental Security Income (SSI), Medicaid and/or other public benefits. Instead of going into a spend-down situation, these funds can be placed into the Arcare Trust II.
Here are just some of the benefits of this type of trust:
- The individual with disability can be the grantor and beneficiary.
- The individual can continue receiving SSI, Medicaid, and other benefits while retaining their own savings, inheritance, personal injury settlement, back payment from Social Security, or other financial award.
- The trustee provides money management for those who would not otherwise be able to handle a significant sum of money or who would be vulnerable to exploitation.
- The trustee helps enhance the beneficiary’s quality of life beyond what would usually be possible for those on public benefits.
Serving thousands of beneficiaries since 1996
Arcare’s trust program has been operating since 1996 and currently has more than 1,000 beneficiaries enrolled. We provide regulation, understanding, fiscal oversight, and management to create an affordable trust option for you and your loved one’s needs.
If you have questions, would like more information about Arcare’s trust programs or would like to enroll in one of the trust options, call us today at 913.648.0233 to speak to our Trust Department. We are here to help.