Rhode Island Pooled Trust

About the Trust

The trust, created by the Community Provider Network of Rhode Island, helps individuals with disabilities and their families plan for financial security without risking eligibility for Medicaid or Social Security. Unlike traditional special needs trusts, it allows families to open an account without costly legal fees, making it easier to set aside money for future personal needs.

Trust Benefits

Protecting Medicaid Benefits

We offer a simple way for people with disabilities to protect lump sum settlements—like legal or insurance payouts—without losing Medicaid benefits. Since Medicaid limits assets to $2,000, placing funds in the trust helps avoid disqualification and keeps money available for needs.

An Affordable Option

Traditional special needs trusts can cost over $7,000 in fees and be incredibly time consuming to set up. We can get you set up with legal fees starting at only $200. We can also process deposits starting at $1,000.

Partners

Community Provider Network of Rhode Island

The Community Provider Network of Rhode Island (CPNRI) was founded in 1985 and has been the statewide association for providers of service to people with intellectual and developmental disabilities. CPNRI supports its thirty-five member organizations through advocacy on legislative and policy issues, service improvement, best practices, purchasing initiatives, communication and member networking. Together, we support more than 20,000 people and employ over 5,000 people.

Rockland Trust

Rockland Trust Investment Management Group is one of the Largest Independent Investment Advisers in Rhode Island. Our team has more than 80 experienced professionals throughout nine investment offices located across Massachusetts and Rhode Island.

We provide tailored solutions through comprehensive wealth management services ranging from investment management and financial planning to estate planning, insurance analysis and more.

In addition, we offer special services including:

  • Tailored investment management for Pooled Trust

  • Sub-accounting for all participants of Pooled Trust

  • Weekly cash movement to trustee for participants disbursement requests

Our mission is to offer you more than you expect-but exactly what you need.

Fee Schedule

Start Up Fee
$200 or 1% of initial contribution up to $1000 cap
Start Up Fee
Contribution Minimum
$200 or 1% of initial contribution up to $1000 cap
Cash $1000
Non-Cash Items $5,000 (insurance policy, investments, etc.) based on appraised value
Start Up Fee
Tax Preparation
$200 or 1% of initial contribution up to $1000 cap
Individual Returns - Hourly Rate
Trust Return - Pro rata fee to cover expense
Start Up Fee
Termination Fee
$200 or 1% of initial contribution up to $1000 cap
$50 - Process final distribution and tax preparation
Start Up Fee
Trustee Fee
$200 or 1% of initial contribution up to $1000 cap
1%

Frequently Asked Questions

A first party trust is established when an individual receives a lump-sum payment from an insurance settlement, a Social Security back payment or an inheritance that was not previously directed to a Special Needs Trust. This type of trust allows an individual to retain this asset without jeopardizing their Medicaid benefit. However, upon the passing of the Trust Participant, Medicaid will seek reimbursement for any services provided during the life of the Participant. Individuals can designate that any balance in the Trust upon the passing of the Participant be given to a beneficiary or charity and this is completed after Medicaid received its reimbursement. Alternatively, an individual can opt to leave any remaining funds in the Trust for the benefit of others also participating in the Trust.

third party trust is established when a family member or person other than the individual directs funds to the Trust specifically by-passing the individual. This can be funded with cash, insurance policy, annuity or other vehicle. In these cases, the granting party can determine how any residual funds are handled – whether to a named beneficiary or charity – as Medicaid cannot file a claim against these funds. The balance could also be left in the Trust for the benefit of other Participants.

Several different groups:

  • People who “spend down” to qualify for Medicaid. For those individuals, the dollars could be put into the trust and it then becomes exempt, which means it is not counted by Medicaid.
  • People who have family members who want to set aside money for the enhancement of their life in a safe manner so as not to interfere with existing services and supports.
  • Families caring for a child with a developmental disability can use the trust for estate planning purposes. They can put money in the trust and use it for their child’s future expenses. These resources will not prevent the child from qualifying for Medicaid.
  • People over the age of 65 are also eligible for Pooled Special Needs Trusts.

Participation in the Medicaid program or pending eligibility for Medicaid

Yes. The trust can pay for vacation expenses for the beneficiary, including transportation, airfare, admission to events. If it is medically necessary, the trust can also pay for personal assistance services while on vacation.

Yes. The Rhode Island Pooled Trust does not require that you be a RI resident to participate.
If you choose to relocate and want your Trust account managed by an entity closer to your new home, arrangements can be made to transfer the Trust to a new Trustee(s)

Due to complications with maintenance, upkeep and unforeseen costs, the Pooled Trust does not generally accept real estate in an individual’s account. There are several other options available to consider in these cases.

Each year, the Pooled Trust will issue statements detailing whether any of your gains are taxable. Participants are required to provide that information when filing their taxes.

Generally a new account is eligible for distributions within 30 days of funding. Large distributions may be subject to a longer waiting period.

 

Questions?
Contact us.

Trustees Team

Tina
Spears

Liz Wiedenhofer

Michael (1)

Michael Pearis

Carrie Miranda

Casey Gartland

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