Developmental Disabilities Life Opportunities Trust Washington State Developmental Disabilities Endowment Trust Fund

What is the Life Opportunities Trust? ◄ Families and advocates have long looked for a way to save money for the future of their loved ones, while protecting the public benefits that they are entitled to use. ◄ The trust fund was created by the legislature to help address the life-long need that people with developmental disabilities have for supports.

Eligibility ◄ Individuals are eligible to be beneficiaries if they meet three conditions at the time of enrollment:  Meet the state definition of developmental disabilities  Reside in the state of Washington  Under the age of 65

What Types of Trust Accounts are Available? Trust I: Third Party Individual Trust Account  Anyone other than beneficiary may contribute funds  Upon the death of the beneficiary, the remaining funds are distributed according to instructions in the Joinder Agreement Trust II: Self Settled Individual Trust Account  Only the beneficiary’s funds may be contributed  Upon the death of the beneficiary, the state is entitled to recover dollar for dollar for services provided

How can Disbursements from the Account be Used? ◄ Education, information, and training opportunities. ◄ Living arrangements, including personal assistance services, skill building, financial management, medical monitoring, meal preparation, shopping home maintenance and house cleaning. ◄ Employment supports and tuition. ◄ Assistive technology, including computers and electronic equipment. ◄ Vacation, travel and recreation.

Who is Involved with the Endowment Trust Fund? ◄ The Endowment Governing Board - appointed by the Governor, sets policy for the program. ◄ The Washington State Investment Board - manages the investments. ◄ The Developmental Disability Council- provides staff to support board activities and coordinate programs. ◄ The Arc of Washington State – selected as Trust Manager.

As Trust Managers The Arc of Washington State will Provide: ◄ Enrollment Services ◄ Accept Deposits ◄ Authorize and provide disbursements ◄ Answer questions or concerns from families ◄ Offer continued support and information for families

State Matching Funds ◄ The Washington State Legislature dedicated $5 million to provide matching funds for the individual trust accounts. ◄ Interest is earned on both contributions and matching funds.* * Earning rate last year was over 6%. (Rate is after investment fees).

Summary of State Matching Policies ◄ Matching rate on contributions – 25%. ◄ Minimum contribution to receive match.  $25.00 per month ◄ Maximum annual / lifetime state match.  $775 per year  $7,750 per lifetime

Continued Summary of State Matching Policies ◄Vesting period– 3 years. ◄State matching money reverts to the Endowment Trust Fund upon death of the beneficiary. ◄Each beneficiary may have only one account that qualifies for state matching money.

Limited Time Only Enhanced State Matching Policies ◄ Through June 2008 the state will match 100% of the initial $600 enrollment fee. ◄ Through June 2008 the state will match 100% of the tax preparation and filing fee. ◄ Through June 2008 the state will match the first $75.00 of the annual management fee.

Additional Incentives for Families to Participate ◄ Contribution and disbursement plans can be tailored to their needs ◄ Fees are very competitive with privately managed trusts ◄ The Washington State Investment Board offers a 25 year history of successful investments at a very low cost. ◄ People with developmental disabilities will have increased resources, enabling them to have: ◄ greater choices/ increased self-reliance. ◄ improved access to their communities.

What is the Next Step? Send Joinder Agreement, letter, and check to the Arc of Washington State Step #1 Step #6 Step #2 Step #3 Step #4 Step #5 Receive information booklet Contact case manager for letter of eligibility Receive legal documents Review and fill out Joinder Agreement Prepare enrollment fee check

Contact Information For additional questions, information packets or trust documents… Please call: Patti Bell, Trust Manager Samantha Vaughn, Trust Assistant or Website: (Click on the Endowment Trust Fund Link)