Trust Overview
Understanding Supplemental Needs Trusts
Anyone eligible for income and asset capped (known as means-tested) government benefits, that has or will be receiving assets above the eligibility limits, can quickly and easily open an account, protect these funds to utilize throughout their lifetime, and avoid denial or interruption of benefits.
- To qualify for NYS Medicaid and/or Supplemental Security Income benefits, one must have a qualifying disability as defined by the Social Security Administration.
- Additionally, there are limits to the amount of money one can have in their name.
- If someone should acquire additional resources that puts them above these limits, they would be in danger of losing these benefits.
- Opening a supplemental needs trust account would enable one to shelter these excess resources and keep them safe for personal and recreational use throughout their lifetime. They can supplement services they are receiving through government benefits and still maintain eligibility for benefits.
- While funds held in a Community SNT are not considered by Medicaid or SSA, you will still need to notify the entities once you have opened an account.
| Medicaid Resource Limits 2024 | Monthly Income |
Assets |
|---|---|---|
| Individual | <$1,732 | <$31,175 |
| Married Both Applying | <$2,351 | <$42,312 |
| Married One Applying (Applicant) | <$1,732 | <$31,175 |
| Married One Applying (Non-Applicant) |
<$2,351 | <$42,312 |
| SSI Resource Limits 2024 | Monthly Income |
Assets |
|---|---|---|
| Individual | <$1,971 | <$2,000 |
| Married – Combined | <$2,915 | <$3,000 |
*SSI does not factor separate limits or benefits for married couples
“Asset Limits” do not include IRAs or 401Ks that are in payout status, your home and the land that is on (as long as you live there or will be returning there), one vehicle per household, household items, personal belongings, a burial fund up to $1,500 or a life insurance policy with a cash value up to $1,500.00, non-refundable pre-paid funeral arrangements, unlimited term life insurance and whole life insurance with a face value of $1,500.00 or less.
Sheltering additional funds in a trust means the freedom and independence to vacation, enjoy entertainment and other recreational activities that benefits do not cover, and now qualify for the Medicare Savings Program (at least $164.90 monthly).
*For information on eligibility and qualifications for NYS Medicaid please visit New York State Department of Health or the Office for People with Developmental Disabilities (OPWDD).
*For Supplemental Security Income qualifications, please see SSA.gov.
*For information on Supports and Services available to people with intellectual and/or developmental disabilities in NYS, please visit the Knowledge Center.
Benefits of a Community Supplemental Needs Trust
- Managed by non-profit organizations, with a financial institution as co-trustee.
- While each beneficiary retains their own account of assets, these accounts, often referred to as sub-accounts, are “pooled” for managing and investment purposes.
- The pooled management of accounts enables highly skilled trustees to combine and manage resources cost-effectively, resulting in lower administrative costs to the beneficiaries.
- When many sub-accounts are managed together, they have access to a wider array of investment opportunities, including greater diversification, which can reduce risk.
- Documents already drafted and approved by Medicaid and SSA.
- Hold assets for exemption from limits to be used as needed for items not covered by Medicaid.
- Managed by individuals who are well-versed in special needs planning, keep abreast of changing benefit rules and are knowledgeable about local services.
- If an individual with disabilities has no living parent or grandparent, the opportunity to utilize a pooled trust as opposed to working with the courts may be preferable.
- No age limitations.
Benefits of the My Choice Community Trust (in addition to the above)
- Minimum funding to open an account is $250.
- Once the Joinder Agreement (application) is completed in full, notarized, and submitted, the enrollment process typically takes approximately 1 week.
- Available throughout NY State
*NOTE Any funds remaining in the account after the passing of the beneficiary will be retained by the trust for the sole purpose of supporting other individuals with disabilities.
Contact Us
Representatives are available to speak with you Monday through Friday, 8:30 am – 4:30 pm.
If we are not able to take your call, please leave a message and we will return your call as soon as possible.
You can also reach us by email at the address below.
We look forward to hearing from you.