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 to making this complex legal decision to set up a pooled trust account. Remember that the first and most essential distinction to be made in deciding what kind of trust to create. Where did the money originate? Was this money a direct inheritance to the disabled person or was it their money to begin used to establish the OBRA trust. If so, then it is unavoidable to consider another trust option over an OBRA 93 trust with regards to protecting the assets for the disabled individual while insuring no public benefits and services will be lost..
Step 1. Obtain an Attorney (not required, but recommended)
Step 2. (Pooled) Complete Forms (Transfer Agreement, Life Care Plan, Non-Legal Disclosure form, Patriot Act form with ID, W-9 tax form and funeral wavier)
All application forms to open a new pooled trust subaccount can be provided by contacting Life’s Plan Inc.’s Trust Administrator, Dawn Feldt at 630-628-7169 or email at email@example.com
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 either 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 OR 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 Plan, Inc.
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.
What this means for you: 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 document in order to verify the information that you have provided to us. We are required by law to attempt to match the information provided by you against 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 this process, please discuss them with the Executive Director or our trust administrator. Thank you for your cooperation with this process.