Community Trust I is a “third-party” trust; that is, the funds are contributed by a parent, grandparent, relative or friend for the use of a person with a disability. The beneficiary may access the funds while remaining eligible for government benefits, so long as the funds are not used for food, shelter or medical expenses covered by Medicaid.
At the end of the beneficiary’s lifetime, any funds remaining in his or her trust sub-account go to the AHRC New York City Foundation to further its mission.
There are no fees for establishing a Community Trust I account, and no trustee fees are charged. There is an administrative fee of 1 percent of the balance in each sub-account on December 31st of each year. Wilmington Trust, which is the custodian and investment manager of the trust, charges fees amounting to approximately 1 percent annually. There are also small charges for insurance and tax preparation.
A trust sub-account may be established with a minimum of $10,000, or a sub-account may be the beneficiary of a life insurance policy or will. More information about these options can be found in our brochure, A Short Guide to Planning for the Future of a Person with Special Needs. Click here to read it.
Click here to read our brochure, Questions and Answers about the AHRC New York City Foundation Community Trust I for Persons with Disabilities.
Click here to read the Trust I Master Trust.
Click here to view and/or print a Sponsor Agreement.
Click here to print a W-9 Form (required to establish a Trust I sub-account).