Services
Pooled Special Needs Trusts
The Full Life Center Pooled Special Needs Trust and The Full Life Center Discretionary Trust preserve the assets for a Beneficiary while maintaining eligibility for government benefits, including Medicaid and Supplemental Security Income (SSI).
First Party Trust
First Party Trust
The Full Life Center Pooled Special Needs Trust
is a first party trust that is funded with a disabled individual's own assets. These funds may come from an inheritance, personal injury settlement, life insurance payout, or back pay from Social Security.
Third Party Trust
Third Party Trust
The Full Life Center Discretionary Trust
is a third party trust funded by a family member, friend or loved one for the sole benefit of the disabled individual. The trust can receive monies from the Grantor’s Will, estate plan, life insurance policy, or a gift.
First Party Trust
The Full Life Center Pooled Special Needs Trust
Partner
- The Full Life Center, Inc. (FLC) – As Trust Advisor, FLC oversees trust activities and ensures the best interests of the beneficiaries are being met.
- Huntington National Bank – As Trustee, Huntington Bank will manage and invest the funds of the trust.
- Beneficiary – The disabled person, as defined by Social Security Administration, who will benefit from the trust.
- Beneficiary Advocate – The person designated by the Grantor to make decisions and request disbursements for the sole benefit of the Beneficiary.
- Grantor – The person establishing the trust, with assets belonging to the Beneficiary, for the sole benefit of the Beneficiary. Can be: Individual with Disability, Spouse, Parent, Grandparent, Court-ordered Representative.
Establish
- The partners work together to establish a long-term financial plan for the Beneficiary.
- The Grantor executes the legal documents to create an irrevocable trust for the Beneficiary.
- FLC establishes a separate trust sub-account for the Beneficiary, and tracks individual income and distributions for the Beneficiary. Investment income is based on the Beneficiary’s percentage of the principal.
- The Trustee combines or “pools” the funds from all of the trust sub-accounts together for investment and administrative purposes.
Disburse
- The Beneficiary Advocate makes disbursement requests for allowable purchases.
- FLC reviews requests prior to approval. For more information, please review the Guidelines for Disbursements.
- The Trustee disburses funds after approval.
- The Grantor determines how the remainder funds will be disbursed upon the Beneficiary’s death. Remainder funds must be used to pay back the State Medicaid Agency for expenses paid on behalf of the Beneficiary, unless the Grantor designates the remainder funds be left to FLC to continue our mission.
Security
This Partnership…
- Permits the trust sub-account to be considered an exempt asset for purposes of Medicaid and SSI eligibility.
- Utilizes trust funds to pay for special needs not typically provided by governmental programs, while maintaining the Beneficiary’s Medicaid and SSI eligibility status.
- Pools funds from numerous Grantors allowing for greater investment purchasing power and reduction in individual investment fees.
- Provides a money management tool managed by professionals to fund a long-term care plan that meets the needs of the Beneficiary throughout his/her lifetime.
Third Party Trust
The Full Life Center Discretionary Trust
Partner
- The Full Life Center, Inc. (FLC) – As Trust Advisor, FLC oversees trust activities and ensures the best interests of the beneficiaries are being met.
- Huntington National Bank – As Trustee, Huntington Bank will manage and invest the funds of the trust.
- Beneficiary – The disabled person, as defined by Social Security Administration, who may qualify now or in the future for government benefits. This individual will solely benefit from the trust.
- Beneficiary Advocate – The person designated by the Grantor to make decisions and request disbursements for the sole benefit of the Beneficiary.
- Grantor(s) – Family members or friends who establish the trust, with assets NOT belonging to the Beneficiary, for the sole benefit of the Beneficiary.
- Contributor(s) – Individuals or organizations who choose to donate funds to the Beneficiary’s trust sub-account.
Establish
- The partners work together to establish a long-term financial plan for the Beneficiary.
- The Grantor executes the legal documents to create an irrevocable trust for the Beneficiary.
- FLC establishes a separate trust sub-account for the Beneficiary, and tracks individual income and distributions for the Beneficiary. Investment income is based on the Beneficiary’s percentage of the principal.
- The Trustee combines or “pools” the funds from all of the trust sub-accounts together for investment and administrative purposes.
Disburse
- The Beneficiary Advocate makes disbursement requests for allowable purchases.
- FLC reviews requests prior to approval. For more information, please review the Guidelines for Disbursements.
- The Trustee disburses funds after approval.
- The Grantor designates how remainder funds will be disbursed upon Beneficiary’s death.
Security
This Partnership…
- Permits the trust sub-account to be considered an exempt asset for purposes of Medicaid and SSI eligibility.
- Utilizes trust funds to pay for special needs not typically provided by governmental programs, while maintaining the Beneficiary’s Medicaid and SSI eligibility status.
- Pools funds from numerous Grantors allowing for greater investment purchasing power and reduction in individual investment fees.
- Provides a money management tool managed by professionals to fund a long-term care plan that meets the needs of the Beneficiary throughout his/her lifetime.
