Supplemental or Special Needs Pooled Trust Program, maryland, md

How Does FMDT Work?

1. Each individual beneficiary, or his or her representative, signs a joinder agreement and transfers assets or income to the trust to become a FMDT beneficiary.

2. Each individual has his or her own account, but the accounts are pooled together for investment and management purposes under the oversight of the trustee. The funds in each individual beneficiary’s account are used for his or her supplemental needs. FMDT will use the beneficiaries Care Plan for guidance in making distributions.

3. A care plan may call for regular payments such as for membership at the local YMCA or magazine or cable subscriptions. The plan may also alert FMDT to future needs, such as a planned trip or a move to a new residence. For each expenditure, the beneficiary, or his or her representative, will complete a distribution request form. This allows FMDT to review how a distribution might affect the beneficiary’s eligibility for benefits and to prepare the necessary reporting to the appropriate government agency. All distributions are made at the sole discretion of FMDT. If the beneficiary does not already have a care manager, FMDT can arrange for one to meet with each beneficiary to assess his or her current needs and benefits. Family members and other advocates are an important part of this process, too. If the beneficiary does not already have a care plan, FMDT can assist in developing one which will help guide us in making distributions.

4. Each beneficiary, or his or her representative, will receive a summary statement of all distributions, as well as the investment activity of the account, not less than annually.

5. Every year each beneficiary, or his or her representative, will receive a client satisfaction survey.

6. Generally, income earned in a beneficiary’s individual account is taxable. FMDT can assist in the preparation of annual income tax returns.

7. At the death of the individual, the remaining funds may go either to repay the State of Maryland for the Medical Assistance benefits paid over the individual’s lifetime and any remaining amounts can be paid out to his or her heirs, or, if the individual has chosen to do so, the remaining funds can stay in the trust, to be used to help other people with disabilities.

How did FMDT get started?

FMDT was started by a group of elder law and disability law attorneys from across Maryland in 2005. At that time, there was no statewide pooled asset trust operating in Maryland able to accept assets directly from individuals with disabilities. The attorneys knew that this type of trust could be valuable in allowing individuals with disabilities to protect assets yet still qualify for public benefits programs. The concept of pooling the assets from many individuals to get better management and more efficient trustee services was a win-win proposition. Together, these attorneys became the founding board members of the First Maryland Disability Trust, Inc.

Today the board is expanding to include representatives of disabilities organizations and family members of individuals with disabilities from across the state of Maryland. Current board members and officers, are: