Special needs trust: Well managed and secure

WGC serves people with disabilities throughout the State of Wyoming in their 1st Party (beneficiary funded) and 3rd Party (trusts funded by persons other than the beneficiary) Pooled Trusts.  We administer each trust with the beneficiary’s best interest in mind and help them navigate the complexities, rules and regulations that come with public benefits’ eligibility (SSI, Medicaid). In addition to our Pooled Trust offerings, WGC also offers stand-alone (non-pooled) 1st and 3rd Party Special Needs Trust administration services.  Our trust administrators have the skill set, expertise, compassion and commitment to meet the needs of our clients.

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How it works

A trust is a legal arrangement under which one person (trustee) controls property given by another (settlor) for the benefit of a third (beneficiary).

Certain types of Supplemental or Special Needs Trusts (SNT’s) have been authorized by Congress to preserve the assets of individuals with disabilities. At the same time, these trusts permit that individual to continue to be eligible for public benefits such as Supplemental Security Income (SSI) and Medicaid. Special Needs Trusts authorized by OBRA ’93 (Omnibus Budget Reconciliation Act of 1993) are known as pooled special needs trusts. WGC operates two types of pooled special needs trusts:

  1. First Party Pooled Trust
    1. Beneficiary’s assets are in the trust
    2. Must be established by a parent/guardian, grandparent, court or the disabled person themselves.
    3. Beneficiary must be under the age of 65 when the trust is funded.
    4. Funds that remain in this trust upon the death of the disabled beneficiary are subject to a Medicaid payback.
      1. When the beneficiary dies, if there is more than $25,000 left in the trust then 25% of the balance above that is paid to the Wyoming Medicaid Recovery office.
      2. After Medicaid payback, the remaining funds are kept in a charitable trust fund to be used only for disabled individuals in Wyoming.
  2. Third Party Pooled Trust
    1. 3rd parties may deposit their funds into the trust to be held for the disabled beneficiary’s sole benefit.
    2. Funded by parents, grandparents, siblings or any other interested third party.
    3. No age limits
    4. These funds are not subject to Medicaid payback
    5. Upon the death of the beneficiary:
      1. Funds flow directly to remainder beneficiaries named at the time of the trust creation.

Please call our office for more information.