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.
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.
Traditional special needs trusts can cost over $5,000 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.
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 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.
Start Up Fee | $200 or 1% of initial contribution, up to $1,000 |
|---|---|
Contribution Minimum |
Cash $1,000 Non-Cash Items of $5,000 or more (insurance policy, investments, etc.) based on appraised value |
Tax Preparation |
Individual Returns - Hourly Rate Trust Return - Pro rata fee to cover expense |
Termination Fee |
$50 - Process final distribution and tax preparation |
Trustee Fee |
1% annually |
A first party trust is established when an individual receives a lump-sum payment that was not previously directed to a Special Needs Trust (ex: settlement, Social Security back payment, inheritance, etc). 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 receives 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, and those funds are not subject to Medicaid reimbursement.
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, an insurance policy, annuity or as part of that family member or person’s own estate plan. 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:
The Trust is available to individuals with disabilities and/or those receiving needs-based benefits.
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 RI 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.
