Financial Support Services
Planning for the future and managing financial matters can be complex and stressful, especially for individuals with intellectual and developmental disabilities (IDD) and their families. That’s why The Arc of the Lakeshore offers financial support services to assist with day-to-day financial management. We also provide long-term financial planning to help ensure sustainable financial stability while maintaining eligibility for essential government assistance programs.
Pooled trust
The Arc of the Lakeshore offers a Pooled Accounts Trust service designed to safeguard eligibility for government assistance programs, such as Supplemental Security Income (SSI) and Medicaid. The trust also ensures supplemental income is available to cover “extras” beyond basic needs.
A Pooled Trust is irrevocable, meaning any assets placed in the trust are excluded from personal resources, ensuring continued eligibility for essential benefits. This trust provides a practical means for families to support their loved one’s quality of life without compromising access to government programs.
Connect with us to learn more about how The Arc of the Lakeshore can help you and your loved ones achieve long-term financial security.
Representative payee services
Financial planning can be stressful and complicated, and we do our best to alleviate some of the burden by handling financial responsibilities. The Arc of the Lakeshore supports families by offering Representative Payee Services to manage Social Security (SS), Supplemental Security Income (SSI), or Social Security Disability Insurance (SSDI) benefits for individuals who are unable to do so themselves. The Arc will create a monthly budget for beneficiaries, ensure that essential living expenses are paid, manage all financial documentation, and report to the Social Security Administration (SSA).
Following SSA regulations and best practices, The Arc:
- Gathers necessary legal documentation and information required to serve as a Representative Payee.
- Collaborates with beneficiaries and their guardians to develop a detailed monthly budget.
- Provides beneficiaries with quarterly financial statements outlining income and expenses.
- Ensures proper documentation and reporting of all funds received and disbursed.
Our services go beyond simple financial management by offering:
Education on Money Management:
We help individuals improve their financial literacy whenever possible.
Guidance on Affordable Purchases:
We support individuals in making wise spending decisions and avoiding expensive, unnecessary purchases.
Support for Housing:
We assist in identifying safe and affordable housing options, ensuring stability and security for beneficiaries.
If you or a loved one requires support managing Social Security benefits, The Arc of the Lakeshore is here to help.
