About the Third Party Pooled Trust
How do I become a trust participant?
A prospective sponsor should consult with her/his attorney, case manager, and other advisors before seeking participation in the trust. Once it has been determined the Future Care Trust will meet the needs of the disabled individual and the sponsor, a Sponsor Agreement, Beneficiary Profile Sheet, and the initial deposit should be submitted to:
Future Care Planning Services Trust Dept.
1000 Elmwood Ave, Rochester, NY 14620
Note:
The Sponsor Agreement must be notarized.
The minimum initial deposit to establish an account is $5,000.
An account is not established or accepted until funded.
The funds to establish an account must be “guaranteed” (cashier’s check, money order, or certified check).
Is there a fee to establish and maintain a sub-account?
There is a one-time enrollment fee of $200 to establish the trust account. This fee will be deducted from the initial deposit.
The current annual fee to maintain the account is 0.90% per year. The fee is deducted from the account quarterly and is subject to change.
The trust charges .0625% based upon the amount in the sub account at the end of the prior month.
The trust charges an annual audit fee of $50 – this fee is automatically withdrawn from the sub trust account on/about March 30th every year.
Trust fees are deducted before requested disbursements; therefore, please remember to consider this when submitting disbursement requests.
How should funds be made payable?
Funds should be made payable to FCPS Third Party Pooled Trust with a note indicating: FBO “Beneficiary Full First and Last Name”.
Deposits must be made in the form of a cashier’s check, money order or certified check. Cash deposits will not be accepted.
How will I know if my account has been opened?
Within 30 days, you or the contact person listed in your Sponsor Agreement will receive an acceptance letter and a copy of your accepted Sponsor Agreement, disbursement request forms, and other information regarding the Trust.
What is the trust’s mailing address?
The Sponsor Agreement, subsequent deposits, disbursement requests, and all other inquiries should be mailed to:
Future Care Planning Services Trust Dept.
1000 Elmwood Avenue, Rochester, NY 14620
When can I start requesting disbursements from my account?
Disbursement requests may be submitted any time after the trust is approved and funded.
How do I request a disbursement?
All disbursement requests must be submitted in writing and signed by an individual authorized in the Sponsor Agreement.
Disbursements must be for the sole benefit of the Beneficiary. Expenses must have been incurred within 90 days of the request. Disbursement request forms are included in the start-up packet. Approved requests are processed approximately 8-10 days after the approval date. Please plan accordingly. The Future Care Trust is not responsible for incurred late charges.
All disbursements are made at the sole discretion of the Trustees. All information sought on the disbursement request form must be provided. Appropriate documentation regarding the request must be attached. Inappropriate requests and/or those lacking proper documentation may be denied.
Examples of required documentation include:
An invoice which has the name of the Beneficiary on it. A price quote.
Rent – a current signed lease indicating the Beneficiary as tenant must be on file with Future Care Planning Services. Note: a lease between spouses will not be honored.
Credit card – the full detailed statement showing all current charges must be submitted. Additional documentation may be requested. Payment will not be made for past purchases, cash advances or charges otherwise reimbursable through MEDICAID.
Utility bill with the Beneficiary’s name on it.
Where do I send requests for disbursements?
Disbursement requests may be mailed to the address above, faxed to 585- 210-4048 or scanned and emailed to trustservices@futurecareplanning.org.
Can I have my monthly rent, maintenance fee or mortgage paid automatically each month?
Yes, automatic payment can be set up. Please check the box for scheduled payment on the disbursement request form and submit to the Future Care Trust office along with supporting documentation. Please contact the FCPS Trust department for further information.
Are there disbursement limitations?
Yes. Prohibited distributions include, but may not be limited to, the following:
Disbursements payable to the Beneficiary.
Rent relating to a lease between spouses.
Food and shelter expenses when Beneficiary is an SSI recipient.
Tobacco and alcohol.
Bail, restitution, and related legal fees.
Firearms.
Medicaid eligible expenses incurred after the trust was established.
Gifts.
Donations.
Bills for payment of monthly “surplus income.”
Medical expenses eligible to reduce monthly surplus income and cash advances taken on credit cards.
Payments to financial institutions for debit charges, overdraft fees/expenses and lines of credit.
Down payments.
Life insurance.
Pornography.
Expenses must be i ncurred within 90 days of submission. Credit cards – only current month charges can be paid.
Disbursements will NOT be paid to the Beneficiary. All disbursements must be made to third parties that are legitimate registered businesses.
Can a family member be reimbursed for a purchase on my behalf?
Upon submission of a written request and appropriate receipts, another individual may be reimbursed for expenses paid on behalf of the Beneficiary. Each request is reviewed individually. Please contact FCPS Trust Dept prior to making the expenditure to assure the item is eligible for reimbursement. Only expenditures made for the sole benefit of the Beneficiary will be considered. The reimbursement request must be submitted within 90 days of the date the expense was incurred.
Will I receive a statement?
Yes. Statements summarizing activity in the account are mailed to the person indicated in the Sponsor Agreement two times per year in February and July.
I have not received my statement yet. How do I know the balance in my account?
A pooled supplemental needs trust is very complicated in nature. Account information is only available to the trustees after month-end processing by the bank. We suggest you keep a record of your deposits and disbursement requests. The formula below will assist you when calculating the amount available for use between statements:
Account balance for last account statement:
+ Deposits made since your last statement. Sub-total.
Disbursements submitted since your last statement.
Quarterly administrative fee (currently.95% per year).
Monthly trust fee - .0625% based on balance at the end of the prior month.
= Total current balance available for disbursement
What happens to the balance in my account upon my death?
The party authorized to speak with us on behalf of the Beneficiary must notify FCPS immediately upon the Beneficiary’s death and submit a certified death certificate. Per Federal Statute, no disbursements may be made for expenses incurred after death. Any individual requesting and/or receiving disbursements for expenses incurred after the death of a Beneficiary will be required to repay the amount disbursed. Consistent with Federal statute, the account terminates upon the death of the Beneficiary and all funds will be disbursed as per the Sponsor Agreement.
Can funeral expenses be paid from my account?
Per Federal statute, no disbursements for expenses incurred after death, may be made from the account.
FCPS encourages the purchase of a Medicaid eligible irrevocable prepaid burial contract during the lifetime of the Beneficiary.
No disbursements for funeral arrangement will be made from the account after the death of the Beneficiary.