Deposit sources for First Party or Self-Settled Trusts for Beneficiaries <65
- Retroactive Social Security Payment
- Personal Injury or other legal settlement
- Inheritance or life insurance to the person with disability
- Conserved funds
Deposit Sources for Third Party Trusts
- Family contributions
- Inheritance directed to a SNT for person with a disability
- Gifts or fundraising by family or friends
For First Party Trusts for Individuals with disabilities ≥65
Consult with MSNT before establishing a trust to determine if the trust is subject to transfer penalties for Medicaid eligibility.
- Designation of co-trustees and successors responsible for distribution requests & other trust-related matters
- Listing residual beneficiaries who, at the death of the trust beneficiary, will receive the trust remainder after other claims and expenses are paid
- Investment mutual fund elections and determining future investment decision-making authority.
- A low minimum account balance of $1000
- Enrollment fees are adjusted on a sliding scale based on income
- Reasonable fees designed to make the trust accessible to low and middle income individuals and families
- Distributions are typically processed each business day
- MSNT is governed by a public board including attorneys, advocates and families of people with disabilities
- Upon request, MSNT can provide information to public benefit specialists for eligibility reviews and re-investigation
- MSNT administers only special needs trusts and has staff familiar with the needs of persons with disabilities
- MSNT meets federal requirements as a pooled trust (sometimes called a D4C trust) allowing individuals with disabilities to set up a Medicaid payback trust for their own benefit.
When MSNT is Sole Trustee
- When no co-trustees are designated in the trust agreement
- When all designated co-trustees resign, die or are unable to carry out their responsibilities as co-trustee.
- Dated, itemized receipts and invoices that support the request and the amount requested
- One or more written estimates for services/goods requested. If estimates are submitted, dated, itemized receipts must be submitted promptly to MSNT after purchase for documentation in the trust records with any overage to be re-deposited to the trust.
MSNT may request additional documentation. Failure to submit required documentation can result in denial of future requests.