- (401) 773-7771
- info@cpnri.org
The RI Pooled Trust was created by the Community Provider Network of Rhode Island. Together we have created a trust that will enable individuals and their families to plan for the financial security of their loved one with a disability. Unlike traditional Special Needs Trusts, the RI Pooled Trust is designed so individuals can open an account with the trust without incurring expensive legal fees.
The Rhode Island Pooled Trust is a vehicle for individuals or their families to set aside money without jeopardizing eligibility for Medicaid or Social Security benefits. This will help a family ensure that there are resources available for other personal needs.
The Community Provider Network of Rhode Island (CPNRI) was founded in 1985 and has been the single state-wide 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, and member networking.
At Rockland Trust Investment Management Group, we know that each relationship matters, we provide an exceptional level of client service to each individual, family, business, and organization we serve.
Rockland Trust Investment Management Group (IMG) is one of the Largest Independent Investment Advisers in Massachusetts. Our team has more than 80 experienced professionals throughout nine investment offices located across Massachusetts and Rhode Island.
We take a personal approach to wealth management in order to fully understand where you are now, where you want to go, and what you will need to get there.
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
We thoughtfully build your team with the expertise you need today and with the flexibility to adjust as your needs evolve tomorrow.
Combining the extensive resources and expertise of a large institution with the deeply personal service you expect from a community bank gives you the best of both worlds. At Rockland Trust Investment Management Group, our mission is to offer you more than you expect—but exactly what you need.
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.
A 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:
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.
One Time Administrative Start Up Fee | $200 or 1% of initial contribution up to $1000 cap |
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One Time Administrative Start Up Fee
Contribution Minimum | $200 or 1% of initial contribution up to $1000 cap
Cash $1000 Non-Cash Items (insurance policy, investments, etc.) Appraisal on items with expected value greater than $5000 |
One Time Administrative 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 |
One Time Administrative Start Up Fee
Termination Fee | $200 or 1% of initial contribution up to $1000 cap
$50 - Process final distribution and tax preparation |
One Time Administrative Start Up Fee
Trustee Fee | $200 or 1% of initial contribution up to $1000 cap
1% |
