Frequently Asked Questions
Does LET have a minimum account balance that must be reached before funds can be withdrawn?
No. We understand that many supplemental needs trusts do require a minimum account balance to be established (and/or maintained) before any disbursements can be made. There is NO minimum account balance requirement to meet before a disbursement can occur!
Do we need to maintain a minimum account balance in a Life Enrichment Trust account? For example, what if an individual has $10,000 in their account and they want to take an expensive trip, like to Hawaii where the cost would be approximately $9,000… can we request this amount?
Yes! You can most certainly request this amount! There are no minimum account balances that must be maintained to continue receiving the benefit of a Life Enrichment Trust account.
Can a representative payee establish a Pooled Trust for an individual with disabilities?
From time to time the question of whether a representative payee can establish a Pooled Trust on behalf of an individual with disabilities has been raised. This is largely created by the fact that the language in the federal statute related to Pooled Trust does not specifically describe the representative payee but states only a parent, grandparent, a court, legal guardian or the individual with disabilities can establish an account in a Pooled Trust. In 2002, the Federal Social Security Administration made an official determination on this subject. Please see the next question.
Can an individual’s representative payee complete an LET Joinder/Master Trust Agreement and then sign the document as the settlor? Is it possible for the individual to sign as settlor?
While Pennsylvania and many other states permit representative payees to sign as settlor, some states do not. We recommend that both the representative payee and the individual sign the Joinder/Master Trust Agreement.
If an individual signs by making a mark, or has an illegible signature, what is the proper procedure to make their mark or signature legally binding?
When an individual signs by making a mark, or has an illegible signature, it is best to have two other individuals sign as witnesses, attesting to the fact that the mark was actually make by the individual who is signing.
Can the trust lose or gain value depending on how the investments perform?
Yes. While it is the intent of the trust to invest the funds as a prudent investor and seek to have income for the fund, it is possible, depending on market conditions and investment performance, for the trust to lose or gain value. To minimize risk of loss, Life Enrichment Trust utilizes a conservative investment policy.
Can I view the funds in a LET Pooled Trust Account online?
Yes. Simply click on S&T Trust Online on the navigation bar above to learn more.
What can I buy with funds protected in a LET Trust Account?
This is a very common question: “What can I buy?”. A number of goods and services can be funded through a supplemental needs trust. The following list is not by any means comprehensive; but, it does provide a sense of what types of distributions are permitted.
personal care items
vacation travel expenses
field trips/day trips, etc.
pet grooming/veterinarian bills
attorney/accountant/financial planning fees
cell phone services
eye and dental care
tuition to camps, classes, etc.
athletic league fees
concerts, movies, sporting events, etc.
modifications to make vehicle handicap accessible