Resources
Important Definitions
ABLE Account
Beneficiary
Beneficiary Advocate
Care Managers
Discretionary
ABLE Account
The Achieving a Better Life Experience (ABLE) act allows individuals with disabilities, which occurred prior to the age of 26, to establish an investment account which can be used for “Qualified Disability Expenses” without losing eligibility for certain government programs.
Beneficiary
A disabled person, as defined by the Social Security Administration, who will benefit from the trust.
Beneficiary Advocate
The person designated by the Grantor to represent the Beneficiary and interact with the Trust Advisor.
Care Managers
Care managers are healthcare professionals who focus on planning and coordinating personalized care for individuals, including: scheduling care givers, coordinating medical treatments, and developing care plans.
Discretionary
Considering the Grantor’s Objective and Beneficiary Profile, trust sub-account disbursements during the Beneficiary’s lifetime are made at the discretion of the Trust Advisor (FLC), for the sole benefit of the beneficiary.
Disbursement Request Form
Government Benefits
Grantor – First Party FLC Pooled Special Needs Trust
Grantor(s) – Third Party FLC Discretionary Trust
Grantor Letter – For 1st Party Beneficiaries Only
Disbursement Request Form
This form is submitted by the Beneficiary Advocate to request a distribution from the trust sub-account.
Government Benefits
All services, benefits, medical care, financial assistance, and any other assistance of any kind that may be provided by a federal, state, or county agency to, or on behalf of, the Beneficiary. Government benefits may include, but are not limited to: Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), Medicaid, food assistance or public housing.
Grantor – First Party FLC Pooled Special Needs Trust
The individual who established the trust with the Beneficiary’s funds and executed the Joinder Agreement. The Grantor may be a parent, grandparent, legal guardian of the Beneficiary, the Beneficiary himself or herself, or any person or entity acting pursuant to a court order.
Grantor(s) – Third Party FLC Discretionary Trust
The individual(s) or entity who established and executed the Joinder Agreement. The Grantor(s) may be any person or entity other than the beneficiary.
Grantor Letter
For 1st Party Beneficiaries Only: This tax document is sent to the Beneficiary Advocate annually, and reports the Beneficiary’s share of the income, losses, deductions, and credits.
Guardian
Guardianship of the Person
Guardianship of the Estate
Incompetent
Irrevocable Trust
Guardian
A guardian is appointed by the Probate Court and is the person legally responsible for overseeing the care and/or finances of the ward who is incompetent.
Guardianship of the Person
The guardian is responsible for ensuring the personal needs of the ward are met, including medical and housing.
Guardianship of the Estate
The guardian controls financial assets of the ward on his/her behalf.
Incompetent
Ohio Revised Code 2111.01 states, “Incompetent means either of the following:
- Any person who is so mentally impaired, as a result of mental or physical illness or disability, as a result of intellectual disability, or as a result of chronic substance abuse, that the person is incapable of taking proper care of the person’s self or property or fails to provide for the person’s family or other persons for whom the person is charged by law to provide;
- Any person confined to a correctional institution within this state.
Irrevocable Trust
The trust cannot be changed or canceled.
Joinder Agreement
Medicaid Payback
Pooled Special Needs Trust (PSNT)
The Full Life Center Pooled Special Needs Trust (First Party PSNT)
Joinder Agreement
The written agreement executed by the Grantor, Trust Advisor and Trustee by which the Grantor establishes a Trust Sub-Account for the benefit of a specified Beneficiary.
Medicaid Payback
This applies only to The Full Life Center Pooled Special Needs Trust (First Party Trust). Federal and state laws require any funds remaining in a Beneficiary’s account, upon death, be used to reimburse the State for medical assistance paid on behalf of the Beneficiary, unless the Grantor designates remainder funds be retained by FLC.
Pooled Special Needs Trust (PSNT)
A PSNT is a trust administered by a non-profit organization and established for individuals with disabilities. A separate trust sub-account is created for each Beneficiary to track individual account activity, but the funds are pooled together for investment and administrative purposes. FLC offers 2 PSNTs:
The FLC Full Life Center Pooled Special Needs Trust
(First Party PSNT)
The Full Life Center Discretionary Trust
(Third Party PSNT)
The Full Life Center Pooled Special Needs Trust
(First Party PSNT)
This is a first party trust and is funded with a Beneficiary’s (person receiving trust benefits) own funds. The funds can come from a variety of sources. This type of trust is also called a self-settled trust and has a Medicaid Payback stipulation.
The Full Life Center Discretionary Trust (Third Party PSNT)
Remainder Funds
Remainder Beneficiary
Retained Funds
Schedule K-1 – For 3rd Party Beneficiaries Only
The Full Life Center Discretionary Trust
(Third Party PSNT)
This is a third party trust and is funded with money that does not belong to the Beneficiary. The trust sub-account can receive monies from one or more contributors. Any remaining funds after the death of the Beneficiary will be distributed according to the Grantor’s prior designation in the FLC Joinder Agreement.
Remainder Funds
Any funds remaining in the Beneficiary’s trust sub-account upon death.
Remainder Beneficiary
The individual(s) designated in the Joinder Agreement to receive a distribution from the trust sub-account after the death of the Beneficiary.
Retained Funds
These are the remainder funds in the Beneficiary’s first party trust sub-account that the Grantor has designated to The Full Life Center, Inc. to further our mission of enhancing quality of life for individuals in need.
Schedule K-1 – For 3rd Party Beneficiaries Only
This tax document is sent to the Beneficiary Advocate annually, and reports the Beneficiary’s share of the income, losses, deductions, and credits.
Supplemental Care
Trust Advisor
Trust Agreement
Trust Disbursements
Trust Sub-account
Supplemental Care
The care that is not provided to or for the Beneficiary by any private entity, person or government benefit, but is necessary in order to meet the Beneficiary’s current and foreseeable needs.
Trust Advisor
The Trust Advisor, FLC or its successor, is the person or entity that serves as Trust Advisor of any trust sub-account created under FLC Pooled Special Needs Trust and FLC Discretionary Trust and any Joinder Agreement.
Trust Agreement
The agreement between the Trustee and Trust Advisor, including any agreement between the Trust Advisor and a prior Trustee.
Trust Disbursements
Payments made with funds from the Beneficiary’s trust sub-account for the sole benefit of the Beneficiary.
Trust Sub-Account
A separate account established for each Beneficiary within the pooled trust. It is used to track individual contributions, income, and distributions.
Trustee
Ward
Trustee
The Trustee, Huntington National Bank or its successor, is the person or entity that holds legal title to property for the use or benefit of another.
Ward
This is the person in a guardianship who is incompetent. A guardian will be appointed by the Probate Court to manage the ward’s affairs.
