Overview
The AHRC Foundation established its Community Trust Services which allows people with intellectual and/or developmental disabilities to have their own trust fund to provide for their supplemental needs without affecting their eligibility for government benefits. Government benefits can include SSI, Medicaid and other public benefit programs.
A parent, relative or any other person may establish an account within the Trust and designate a person with a developmental disability as the beneficiary. A trust can also be established by beneficiary individually.
AHRC Foundation currently administers two trusts:
- Community Trust I (a Third Party Trust)
- Community Trust II (a First Party Trust)
Community Trust I is a Third Party Trust. Parents, grandparents and/or any interested person might consider this trust the perfect way to ensure the supplemental needs of a person with a developmental disability are secured. This trust is most often funded through a Will as part of an estate plan where the donor names the Trust as beneficiary of an inheritance, life insurance policy, other cash assets and/or monetary gifts.
A third party supplemental needs trust can be established and funded during a donor's lifetime. The minimum initial contribution to establish a third party trust is $10,000 upon acceptance of the completed sponsor agreement, which further agrees to funding the trust up to $25,000 within 5 years of establishing.
In Trust I, upon the death of the beneficiary, the first $25,000 of the principle remains with the AHRC Foundation. The remaining funds are then distributed according to the wishes of the donor/person who established the trust. In this way, funds are available during the lifetime of the person who is disabled, and can flow to others when no longer needed by the person.
Community Trust II is a First Party Trust funded with the assets of the person with a disability. It is often used when a person receives a settlement, inheritance, or accumulates savings that would otherwise affect their eligibility for government benefits. Funds in the trust may be used for the beneficiary's supplemental needs throughout their lifetime.
About Our Trustees
There are five Trustees, each of whom has an extensive background in the law, banking, investments and finance and serve as members on the AHRC Foundation Board of Directors. Additionally, they are either a parent or sibling of a person with a developmental disability and in a position to understand the unique needs and challenges of people with IDD. The Trustees establish the investment policy and utilize the services of a professional custodian and investment advisor.
The Trustees welcome inquiries from the greater community and other service providers who are interested in learning more about our Community Trust services for people with intellectual and developmental disabilities (IDD).
To discuss AHRC Foundation's supplemental needs trust program, please call Mary McNamara, Foundation Director at 516-626-1075 at extension 1133.