Description:Trust Services – NYSARC Trust Services has been administering supplemental needs trusts since 1972, offering several trust programs, including first-party pooled trusts, a third-party pooled trust, and individual trusts. These programs qualify as supplemental needs trusts allowing the disabled individual to maintain eligibility for Medicaid, SSI, and/or other government benefits. Trust funds are used to enhance the quality of life of the disabled beneficiary. The programs are open to individuals with varying disabilities.
Community Trust I
Self-settled trust
$200 one-time enrollment fee - non-refundable
Minimum deposit: $300
$25 annual fee charged every July for accounting
$1/month Allocation Fee
Co-trustee fee of 0.75% annually charged at monthly rate of .0625% based upon balance at end of preceding month
Plus, the greater of:
0.9% annual rate, charged monthly at .075% of average monthly assets OR
Flat fee of $10/mo.
Intended for lump-sums, not monthly spend-down
Remainder at beneficiary's death is retained by trustee
Community Trust II
Self-settled trust
$200 one-time enrollment fee - non-refundable
DOUBLE the monthly spend-down, of which one month is available to pay expenses. The 2nd month must be on deposit like a security deposit
$50 annual fee charged every July for accounting
$1/month Allocation Fee
Pro rata share of annual audit, tax preparation costs for Trust
Co-trustee fee of 0.75% annually charged at monthly rate of .0625% based upon balance at end of preceding month
Plus, the greater of:
0.9% annual rate, charged monthly at .075% of average monthly assets OR
Flat fee ranging from $30-$240 depending upon amount of monthly contribution (for contributions over $4,000, contact NYSARC to determine fee)(Fee schedule posted online)
Community Trust III
Self-settled trust
No enrollment fee
Minimum deposit: $250,000
Intended for lump-sums, not monthly spend-down
Monthly fee of 0.06% or 0.075% depending upon balance, plus trustee bank fee not to exceed 0.0625%
(0.75% annually)
Remainder at beneficiary's death is subject to Medicaid recovery, but any amount remaining after that goes 25% to NYSARC and 75% to designated beneficiaries
.