Who can establish a trust?

A disabled individual himself or herself, a parent, grandparent, guardian, or the courts.

How do I request funds from my trust?

Send in a completed disbursement request form by email, fax, or USPS mail.

Can a prepaid funeral be paid for?

A pre-paid funeral can be paid for while the beneficiary is still living; it is not allowed after the beneficiary has passed away.

What is the process and how long will take to get disbursements?

The disbursement request form is submitted, it goes to committee and if approved, funds are disbursed. Generally, there’s a turn-around of one week or less; the time stated in documentation is two weeks.

What are the benefits of using Anchor for Special Needs?

Calls are answered by humans or returned promptly, help is consistent and personalized with short turn-around times and reasonable determinations for what is allowed. The TrueLink Visa card makes disbursements simple.

Do I need an attorney to set up a Special Needs Trust?

An attorney is not required, although often attorneys are involved with guiding clients in trust establishment.

Are there different kinds of Special Needs Trust?

Yes. First Party Trusts, Third Party Trusts, Pooled Special Needs Trusts, and Individual Special Needs Trusts. Anchor works with all types and will be able to establish the type of trust you require

What are the costs associated with setting up a Special Needs Trust?

There is an establishment fee charged on a sliding scale with the maximum charge being $2,000. The annual trust administration fee is 1.5%.

How much money is needed to establish a trust under Anchor?

There is no minimum or maximum account size with Anchor.

What happens to my trust when the beneficiary passes away?

Medicaid may have a claim, and they must be paid first. After that, a remainder beneficiary (heir) is paid the rest.

Can I move my trust to another trust?

Yes, it can be moved to another qualified PSNT organization.

Will the trust affect my SSI or Medicaid benefits?

Funds in the PSNT are not counted as resources and monies spent from the trust are not counted as income. A (P)SNT protects those needs-based government benefits.

Who will report to Medicaid and Social Security?

You are required to report to Medicaid and SSA within ten days of receiving funds. Customarily Anchor sends a reporting package to the government agencies who require it.