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Life Plan of Kentucky, Inc

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Karen Perch

on 25 November 2014

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Transcript of Life Plan of Kentucky, Inc

Life Plan of Kentucky, Inc.
What is Life Plan of Kentucky?
A non-profit, 501 (c)(3) organization providing
Trustee Services for people with disabilities and their families
Education and guidance regarding long range planning
Why Was Life Plan of Kentucky Created?
Under current Federal and State Law, a person with a disability having more than $2000 in countable resources may not be eligible for Medicaid assistance.
With a Pooled Special Needs or Supplemental Needs Trust account the individual can receive the benefits of the resources and still receive Medicaid or Supplemental Security Income (SSI).
Where is Life Plan?
(Contact Information)
2333 Alexandria Drive
Lexington, KY 40504
(859) 514-6073
An agreement is completed by the person setting up the account and Life Plan staff
A one time enrollment fee is charged
Funds are held by partner financial institutions
A management fee is charged monthly based on the amount in the account
Who Is Life Plan of Kentucky?
Governed by a volunteer Board of Directors
family members of people with disabilities
financial advisers
human service professionals
Staffed by an Estate Planning Attorney and a Trust Operations Coordinator
Advantages of a Pooled-Special Needs Trust
Professional Management of Funds
Requests for Distributions from Trust Accounts are reviewed before money is released
Less expensive to set up
Will manage small amounts of money
How Does Life Plan Work?
How are requests for funds handled?
A Distribution Request Form is completed by the representative
The request is reviewed by staff and the Board as necessary
As requests are approved payment is made directly to the vendor or service provider
Full transcript