NOTICE TO ALL POOLED TRUST PARTICIPANTS:
Pursuant to sections 4.3 and 4.4 of the Master Trust Agreement dated July 20, 1999, The Arc Oregon has appointed Key Bank National Association as the new Trustee of the Oregon Special Needs Trust. The Master Trust Agreement has been amended and dated November 25, 2015. The Joinder Agreement has been amended to reflect the new Trustee and Master Trust Agreement. All changes to the Joinder Agreement apply to all current pooled trust participants and all previously executed Joinder Agreements are immediately deemed to be amended accordingly. You are encouraged to review the new Joinder Agreement documents posted on the Forms and Documents page of The Arc Oregon website. Upon your annual review date, you will receive an Updated Joinder Agreement and will be required to sign and return the document when requested. Please do not hesitate to contact our office if you have any questions!
Overview of Special Needs Trusts
Also known as a Supplemental Needs Trust, the purpose of a Special Needs Trust is to provide a means of supplemental support to enhance the quality of life for a person receiving government assistance, without jeopardizing the benefits he or she receives. A Special Needs Trust can be a private trust drafted by an attorney, or a pooled trust wherein a single “Master Trust” is used to serve many individuals. Both private and pooled trusts must be drafted so that the trust is irrevocable, and that available funds are used only for the sole benefit of the beneficiary. A pooled trust may only be established and administered by a non-profit organization.
Administration of a Special Needs Trust must follow strict guidelines set forth by state and federal agencies in order to maintain eligibility for public benefits for the beneficiary of the trust. This applies to both pooled and private trusts.
About The Oregon Special Needs Trust
The Oregon Special Needs Trust (OSNT) is a pooled trust in which funds are pooled for investment and trust management purposes. However, each beneficiary has his or her own subaccount, which is individually monitored and managed.
At The Arc Oregon, we believe that planning for the future is a critical component of caring for a loved one with a disability. The OSNT was implemented to offer families a dependable, affordable vehicle for providing financial security and an enhanced quality of life for their loved ones, while preserving the benefits that they depend on in their daily lives. Since its inception, the OSNT program has also become an effective means of safeguarding money for individuals whose own resources threaten their ongoing eligibility for public benefits.
The OSNT is open to any Oregon resident with a disability (as defined by Social Security), regardless of the nature of the disability.
The OSNT may not be appropriate for everyone. We strongly encourage all prospective beneficiaries and/or their representatives to consult with an attorney, tax adviser, case manager, and/or other advisers before enrolling in the OSNT.
Some things to consider when thinking about establishing a subaccount are:
In addition to the enrollment fee and potential legal fees for initial enrollment, ongoing maintenance and administration fees are charged each year. This means that there may be more efficient ways to spend small amounts of money in the best interest of the qualified person.
Funds deposited into a trust account become the property of the Trust and all disbursement requests are approved or denied at the sole discretion of the OSNT.
Once a subaccount is established, the funds cannot be withdrawn, nor can the terms of the agreement establishing the subaccount be amended, altered or revoked.
The Beneficiary and his/her representatives are solely responsible for determining whether this trust meets the needs of the individual. Because our knowledge of the circumstances of any particular individual is very limited, we cannot determine if the OSNT represents the optimal solution for a particular person. However, if upon reviewing the enrollment materials we feel that a subaccount is not in the best interests of the beneficiary, we may seek further information before accepting the beneficiary’s account into the trust.