NYSARC

Frequently Asked Questions

Questions: What, exactly, is a trust? | Are your trusts available only for people with developmental disabilities? | Do I need a lawyer? | Is my money safe? | You offer at least six different trust options. What’s the difference and what’s best for me? | How much money do I need to establish a trust? | Are there other costs? | What are all those terms about?

Q: What, exactly, is a trust?

A: In essence, a trust is a legal agreement whereby you give your money to another person – or agency, in NYSARC’s case – who agrees to manage it for you. The goal could be to increase wealth, or provide funds in the future, or in regular payments over time.

Q: Are your trusts available only for people with developmental disabilities?

A: Some are, but not all. While we specialize in supporting people with developmental disabilities, we gladly manage trusts for any number of people with other disabilities.

Q: Do I need a lawyer?

A: No, not for the Community Trusts, but we highly encourage you to consult with one. For our other trust programs, you would need to obtain the services of an attorney.

Q: Is my money safe?

A: We’d love to offer a guarantee, but we can’t promise what the stocks or securities markets will do in the future. We are highly experienced and work closely with JPMorgan, our investment advisor. Investment information is available upon request.

Q: You offer at least six different trust options. What’s the difference and what’s best for me?

A: Trusts can be confusing, but here’s a chart of what our different trusts offer. As for which one is best for you, we’d be happy to talk with you about it. Contact us. 

Q: How much money do I need to establish a trust?

A: It depends on which trust you establish, but we can establish a Community Trust I or II for as little as $300. There’s no upper limit for how large the trust can be. Others require $25,000 or more.

Q: Are there other costs?

A: It depends on the trust. Some have no fees during the beneficiary’s lifetime; others have monthly fees, commissions, and other expenses. Bank fees may be incurred. We’ll gladly outline specific costs for any trust you’re interested in.

Q: What are all those terms about?

A: Legalese is confusing, but it’s part of establishing a trust. Here’s a glossary of the most common terms.