The following definitions are provided as a resource for co-trustees, beneficiaries and their representatives. Their purpose is to improve communication with Midwest Special Needs Trust. MSNT’s intent is to ensure the definitions are consistent with applicable statutes and the trust agreement. If any conflicts or discrepancies exist, they are unintentional and statutory or contractual language shall prevail.
The person designated in the trust agreement responsible for working with MSNT, the Trustee. This person is responsible for making requests for funds and receiving all trust-related correspondence.
Payment of funds from a trust.
The person whose resources fund the trust.
Any resource of the Life Beneficiary that is not counted as an available resource by Social Security or state medicaid program.
A Trustee or Co-Trustee has a broad range of responsibilities and obligations to the life Beneficiary as written in the trust agreement.
First Party Trust:
An irrevocable trust created with the assets of the Life Beneficiary. This trust must include a provision for Medicaid payback to qualify as an exempt asset by Social Security and Medicaid. It is also called a Self Settled Trust.
A trust that cannot be changed or terminated by the Donor.
The person with a disability for whom the trust is opened.
MSNT Charitable Trust:
A program providing grants for impoverished individuals with disabilities residing in Missouri.
The governing document that provides the terms and conditions for administration. MSNT has two Master Trusts, one for First Party and one for Third Party trusts. MSNT has the authority to amend the Master Trust to remain compliant with applicable federal and state policies.
The remainder balance of a First Party Trust subject to claim by any state Medicaid program for medical expenses paid for the Life Beneficiary during their lifetime.
Assistance to an individual that may include Supplemental Security Income (SSI); Medicaid, SNAP (food stamps) and Section 8 (housing assistance).
The person(s) or entity named by the Donor in the trust agreement to receive remainder funds when the trust is terminated due to death.
A trust allowing the Donor or Co-Trustee, as named in the trust agreement, to withdraw or terminate the trust by written request.
A trust must be administered only for the benefit of the Life Beneficiary.
If no Co-Trustee is named in the trust agreement, MSNT will serve as Sole Trustee. The same applies if all Co-Trustees and successor Co-Trustees are unwilling, unable or unavailable to serve.
Special Needs Trust (SNT):
A trust, when properly structured and administered consistent with federal and state requirements, considered an exempt asset and will not impact eligibility for public benefits.
Third Party Trust:
A trust opened for a Life Beneficiary with the assets of a third party Donor. This type of trust does not require Medicaid payback at termination.
Trust Administration Fees:
Charges to the trust account for trust administrative services provided by MSNT and its contract agents.
The trust agreement includes the Master Trust and applicable forms for proper administration of the Special Needs Trust.
The person or agency that holds trust assets and has legal authority and fiduciary responsibility for administering the trust. MSNT is Trustee for all MSNT trusts.