Self-Settled Trusts 2018-05-10T18:04:03+00:00

Self-Settled Trusts

A Trust Funded By The Disabled Individual

Self-Settled Pooled Trusts

A self-settled trust account is one that is funded with the disabled individual’s own resources.

Typically, this is where a disabled individual’s assets exceed the financial resources test for government benefit programs. 

Sources of Funding – Common sources of funding a Self-Settled Trust include: Personal Injury Settlements, Medical Malpractice Settlements, Other Law Suits, Court Orders, Structured Settlement or Lump Sum Payments, Inheritances, Life Insurance Payouts, Retroactive Benefit Payments or Other Earnings. 

Remainder Designation – Beneficiaries have the option of leaving any funds which remain in their pooled trust account upon their death to the trust in order to support other individuals with disabilities.  Any funds which are not retained by the trust must be used to reimburse the State for the cost of medical assistance provided during the beneficiary’s lifetime.

Preservation of Government Benefits – Establishing a self-settled trust account will not jeopardize your eligibility for government benefits. 

Dedicated Professionals & Personalized Service – CLC Foundation’s dedicated team of professionals has more than twenty (20) years of experience in Supplemental Needs Trust Administration and is committed to putting your needs first.

At CLC Foundation, our clients represent our highest priority and we are committed to providing superior individualized service to trust beneficiaries. 

Trust Funds – The funds in your account can be utilized to pay for a variety of good and services not covered by your other benefits including daily household expenses, recreation, vacations and unreimbursed medical expenses.

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Private Supplemental Needs Trusts

CLC Foundation, Inc. can serve as Trustee of your Private Supplemental Needs trust or as Trust Administrator. Private trust accounts are governed by separate trust agreements and are not part of a CLC pooled trust.

Naming CLC Foundation as your professional Trustee or Trust Administrator relieves your family from many regulatory burdens and ensures continuity in management of the account should family members become unwilling or unable to act in a fiduciary capacity in the future.

CLC Foundation’s fee structure is often lower than what a traditional bank would charge to serve as a private Trustee.

Any funds which remain in a Self-Settled Trust upon the beneficiary’s death must be left to the state to reimburse for the cost of medical assistance paid out over the beneficiary’s lifetime.

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