Once you have determined the OBRA Pooled Trust is the best option for your situation, it is recommended, but not required, to consider talking with an attorney. Deciding to set up a pooled trust account is a complex legal decision, so working with a skilled lawyer can put you at ease during the process.
Remember that the first and most essential distinction to be made in deciding what kind of trust to create is to know where the money originated from. Was this money a direct inheritance to the disabled person or was it their money to begin with, used to establish the OBRA pool trust fund? If it’s the latter, then it is unavoidable to consider another trust option over an OBRA 93 trust.
In order to protect the disabled individual’s assets without losing any public benefits or services, you should take the following steps:
Step 1. Obtain an attorney (not required, but highly recommended)
Step 2. If it’s a pooled fund, complete forms (Transfer Agreement, Life Care Plan, Non-Legal Disclosure form, Patriot Act form with ID, W-9 tax form and funeral waiver)
All application forms to open a new pooled trust subaccount can be received by contacting Life’s Plan Inc.’s Trust Administrator, Dawn Feldt, at 630-628-7169 or emailing her at firstname.lastname@example.org
Required Documentation and Disability Criteria
- Copy of State Identification, driver’s license or other identifying document to verify beneficiary with Patriot Act form.
- Proof of Disability: written proof of receipt of Supplemental Security Income/Social Security Disability Insurance (SSI/SSDI) benefits, which may consist of:
- A current pay stub or a letter and accompanying proof of receipt of funds within the last year
- Letters of Office from court’s guardianship proceedings
- A signed physician’s report
- Statement affirming client is eligible for SSI/SSDI benefits within the last year
Step 3. Send forms to:
Life’s Plan Inc.
901 Warrenville Road Ste. 500
Lisle, IL 60532
Notice Regarding USA Patriot Act Information
Important Information About Procedures for Opening a New Account with Life’s
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
Because of that, when you open an account, we will ask for your name, address, date of birth (in the case of an individual), taxpayer identification number, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents in order to verify the information you provided to us. We are required by law to attempt to match the information provided by you with lists issued by various governmental agencies to confirm that you are not a known or suspected terrorist or in any way affiliated with a known or suspected terrorist group.
If you have any questions about the process of opening an OBRA trust in Chicago or surrounding suburbs, please contact our Executive Director or our trust administrator. Thank you for your cooperation with this process.
Why Hire an Attorney for a Pooled Trust?
The process for acquiring a pooled trust account can be quite confusing and tedious. You want to make sure you’re taking the necessary steps to assure your family member receives as many benefits as possible. At Life’s Plan, we are experts in the disability trust field and can help you through the process so you feel as supported and successful as possible. In addition, no two pooled trusts are exactly alike. Each situation and family is unique, and we treat each case as such. It’s therefore important that you work with skilled attorneys who respect each family’s differences and work to maximize the benefits for each individual. We look forward to hearing from you.