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Nest Egg Money

Contact us:

Phone: (307) 634-9772
Fax: (307) 635-0776

Charlie Simineo
Pooled Trust Program
P.O. Box 2778
Cheyenne, WY 82003
wgcpooltrust@gmail.com

 

 

The Pooled Trust Program

The Pooled Trust was established by the Wyoming Guardianship Corporation, a 501(c)(3) non-profit organization, in 2005 to develop a supplemental needs trust.

The purpose of the trust is to protect a person's Supplemental Security Income (SSI) and Medicaid from being impacted should they receive funds that would make them ineligible for these or other public benefits.

How Are These Funds Utilized?

Funds are utilized to provide for the supplemental needs of the person with a disability. Supplemental needs are products, goods or services not provided through any public benefit the beneficiary may be receiving. Examples are:

  • Dental, eye glasses and durable medical goods not covered by other benefits. 
  • A phone
  • Vacations
  • Electronic devices/appliances
  • A vehicle
  • Cable television
  • Companion services
  • Recreation products/activities
  • Clothing

This is only a partial list of the most common supplemental needs a trust beneficiary may request. Food and shelter, except for the purchase of a home or in some situations upgrading to a private room in a nursing home, are not supplemental needs. Supplemental needs are “non-necessities.”

What you should know about joining the pooled trust.

The trust is irrevocable, in other words, once a person joins, he or she cannot later withdraw these funds. Management and investment fees are charged on a pro rata basis. It is important to evaluate all options before joining. .

How are a beneficiary’s trust funds invested?

Currently, the Wyoming Guardianship Corporation contracts with Wyoming Bank and Trust to invest the trust funds.

What happens to funds remaining upon the death of a beneficiary?

The Wyoming Guardianship Corporation Board of Directors makes every attempt to utilize all the funds for an individual beneficiary’s benefit during his or her lifetime. The balance of the trust cannot go to the beneficiary’s heirs or legal survivors upon his or her death. Any amounts remaining in the beneficiary’s trust account totaling or under $25,000 shall be retained by the trust and used for the benefit of other trust beneficiaries or other disabled persons who are Wyoming residents. To the extent amounts in the account exceed $25,000, an amount equal to the total amount of medical assistance paid by the State of Wyoming, up to 25% of the total surplus property in the account in excess of $25,000, will be sent to the Office of Health Care Financing for reimbursement.

How does a beneficiary access their trust funds?

An account manager will be assigned to each beneficiary who serves as the liaison between the individual beneficiary, their care managers or legal representative. They will have input into disbursements requested from the Pooled Trust Fund.

Account managers do not disburse cash to beneficiaries.

Items are purchased and services procured directly by the account manager for the beneficiary’s benefit. Payment is made directly to the supplier or vendor. A beneficiary who personally purchases goods or services will not be reimbursed. All requests for supplemental needs must be pre-approved. With some limited exceptions, WGC cannot spend trust funds on items or services that solely benefit someone other than the beneficiary.

How to apply to WGC.

Contact WGC to discuss any questions you may have and find out more about how the fund works. At this time it can also be determined if this is the best option for the individual. If you decide to join the trust, you must submit the following information:

  1. The nature of the person’s disability
  2. The programs of assistance the beneficiary is currently receiving
  3. An explanation of the beneficiary’s needs and goals

You must complete and sign an application and a transfer agreement. Keep copies for yourself and send the originals to the Wyoming Guardianship Corporation Pooled Trust.

Wyoming Guardianship Corporation
P.O. Box 2778 Cheyenne, WY 82003 Office: (307) 635-8422 Fax: (307) 635-0776