Once it has been determined that a 3rd party pooled trust is the right option for a beneficiary situation. It is recommended, but not required that you consider hiring an attorney to handle establishing your pooled trust account. This is a permanent, irrevocable, legal decision that you and/or the beneficiary are making when seeking the Life’s Plan Inc. staff to assist you in setting up your pooled trust account.
Remember, that first and foremost you must understand the essential distinction to be made in deciding if a 3rd party trust can be created or not. Where did the money originate from? Who held possession of these assets? Did the beneficiary ever have title over these assets? If the beneficiary at any point is names or titled on the trust assets utilized to set up the trust account, then you do not have the option to create a 3rd party pooled trust account. You then must consider a secondary trust option that Life’s Plan Inc. can offer called an OBRA D4C Self-Funded Payback Trust.
A 3rd party Supplemental needs pooled trust is protected for the beneficiary’s supplemental care needs and services. As important the trust is EXEMPT as a countable resource for Social Security and Medicaid purposes.
Step 1. Obtain an Attorney (Attorney is not required, but is strongly recommended) If you contact Life’s Plan Inc. We can provide you a list of competent attorneys in Illinois as needed.
Step 2. Complete Forms (3rd party pooled transfer agreement, life care plan, non-legal disclosure, Patriot Act form, W9 tax form, and the LP funeral waiver).
All trust forms and application to open a Life’s Plan Inc. 3rd Party Pooled trust subaccount can be provided by contacting our Life’s Plan’s Trust Administrator, Dawn Feldt at 630-628-7169 or email her at firstname.lastname@example.org or the Executive Director Scott Nixon at 630-628-7189 or by email at email@example.com
Required Documentation and Disability Criteria
- Copy of State Identification, driver’s license or other identifying document to verify beneficiary with Patriot Act form.
- Proof of Disability: Written proof or receipt of eligibility for Supplemental Security Income/Social Security Disability Insurance (SSI/SSDI) benefits, which may consist of either a current pay stub or a letter and accompanying proof of receipt of funds within the last 60 days; Letters of Office from court’s guardianship proceedings, not more than a year old. A signed Physician’s Report as needed or statement affirming previous report, dated within the last year.
Step 3. Send All Original Trust Forms to:
Life’s Plan Inc.
901 Warrenville Road Ste. 500
Lisle, IL 60532
Notice Regarding USA Patriot Act Information Important Information About Procedures for Opening a New Account with Life's Plan, Inc.
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth (in the case of an individual) taxpayer identification number, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying document such as a birth certificate in order to verify the information is you that you have provided us. We are required by law to attempt to match the information provided by you against lists issued by various governmental agencies to confirm that you are not a known or suspected terrorist or in any way affiliated with a known or suspected terrorist group.
If you have any questions about this process, please discuss them with our trust administrator. Thank you for your cooperation with this process.