Arc unveils financial-planning tool

The Arc of Bristol County has developed a new financial-planning tool for its clients with the assistance of Bristol County Savings Bank’s Financial Advisory Services division. More

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Arc unveils financial-planning tool

Posted 2/21/14

ATTLEBORO – The Arc of Bristol County has developed a new financial-planning tool for its clients with the assistance of Bristol County Savings Bank’s Financial Advisory Services division.

The new Arc of Bristol County Pooled Trust is an estate planning tool designed to protect an individual's public benefits and still save significant amounts of money for future use. By pooling funds, each individual account in the pooled trust yields more productive dividends for investments purposes in accordance with the value of their account balance.

“The Pooled Trust is a great option for families of moderate income, who wish to provide for their family member’s future needs,” said Michael Andrade, president and CEO of The Arc of Bristol County. “Families do not have to be associated with The Arc to participate in the pooled trust. We are happy to offer this service to whoever needs this safe and affordable financial tool.”

Families are often faced with a dilemma trying to assist a relative who is dependent on government assistance. Individuals with disabilities and the elderly may have needs beyond what is covered with government benefits, but have few ways to fund those needs without risking disqualification from benefits, Andrade said.

The pooled trust offers a safe way to fund supplemental needs without risk, ensuring disbursements are made as the family has instructed and compliant with MassHealth regulations.

The Arc and bank’s financial advisory division, in its role as financial trustee, will work closely with individuals and family members to provide the guidance for responsible life financial planning. The Arc’s experienced staff extends all stages of advocacy with individually focused support, and enrollment legal advice.

The new pooled trust ensures the needed reporting and recordkeeping are completed, so families can have be more at ease regarding the supplemental needs for their relatives.

“We look forward to continuing our work with The Arc of Bristol County as we enter the next stage of this program,” said Patrick J. Murray, Jr., president and CEO of Bristol County Savings Bank. “As financial trustee of the pooled trust, we are excited about getting started and helping local families gain peace of mind about the financial future of their loved ones.”

Bristol County Savings Bank, founded in 1846, is a full-service financial institution offering commercial lending, personal and business banking and mortgage services. Its financial advisory services division provides businesses and individuals with expertise in investment, financial planning and life and disability insurance.

Established in 1959, The Arc of Bristol County serves more than 2,000 adults and children with intellectual and developmental disabilities, and their families throughout Bristol County, Mass.

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