When a person opens a pooled trust account through Life Plan, funds are pooled together for investment purposes, but, like a 401(k), for example, the funds are fully vested in the person whose account it is. When someone later makes a distribution request on behalf of the client beneficiary, Life Plan, as a professional trustee, evaluates the request in light of total amount of funds requested compared to funds in the account, life expectancy of the beneficiary, the expected impact of the distribution on the client’s Social Security and Medicaid benefits, and other factors. This is something that would be very difficult for family members to do, because the Medicaid and Social Security rules can be very complex.
Life Plan helps in another way, by providing professional money management in local financial institutions. At this time Life Plan has relationships with some financial institutions in central Kentucky, but we hope to expand and have partnerships with institutions across the state. We believe that, although Life Plan is a fairly new organization, it will blossom into an organization that brings together persons and entities throughout the Commonwealth that serve individuals with disabilities, helping to make their financial futures and their lives safer and more secure. The peace of mind afforded to the parents and family members of our clients, by the services we provide, cannot be overstated. It takes such a tremendous weight off the shoulders of aging parents who know that Life Plan will be looking out for their loved one when the parents themselves are dancing with the angels!
You can help Life Plan connect with appropriate financial institutions, to expand those partnerships. You can refer potential clients to Life Plan to make sure they have information about Medicaid and other services, and, if appropriate, to establish a trust account. Thanks for considering a donation to Life Plan!
Four years ago, I was one of nine people gathered to discuss the feasibility of created a Pooled Special Needs Trust for Kentucky. We were a group firmly embedded and experienced in serving families who have children with disabilities as support providers, attorneys, bankers and family members. We agreed not only on the need for such an entity but also on several core issues: that Kentucky families of children with disabilities need guidance and assistance in planning for their future financial security without jeopardizing their eligibility for government benefits; that a Kentucky-based entity could be more responsive to needs than entities based in other states; and that such an organization would need to have as its mission a heart for this work as well as competence in this complex arena of planning. We had the vision and the documentation that such an entity could quickly grow into self-sustainability through reasonable fees and a positive reputation as a charitable entity. In less than two years, with no paid staff, a Board of Directors was formed and documents completed and filed to become incorporated as a non-profit, tax exempt organization with 501 (c) (3) status. Trust documents were written and approved, funding obtained for the establishment of an actual office, and promotional materials created and distributed. However, real and formidable challenges remain. We need to expand our networking and marketing efforts as well as develop relationships with other financial institutions that will want to utilize Life Plan as a Trustee for existing special needs trust accounts. We need a full state-wide outreach to families and service providers who will benefit from our services. In short, we need to move from a visionary group to an efficient and effective operation as a non-profit. Those who choose to assist us now will share in the recognition and gratitude of people whose lives have been made safe and secure by this kind of proactive and necessary planning.
Indirect Public Support HelpIndirect public support represents revenue received through solicitation campaigns. This includes funding United Way and other federated fundraising organizations, but does not include donor designated contributions.
Earned Revenue HelpEarned revenue represents income generated in direct exchange for a product or service.Earned income includes income from government contracts.
Copyright © 2014 Blue Grass Community Foundation
499 East High Street, Lexington, KY 40507