Facts

• In 2000, there were over 35 million Americans over 65 years of age. Among this group approximately 7 percent experience difficulty managing their financial affairs. As many as 2.5 million older Americans may need some level of assistance with money management.
• An estimated 1 in 10 Americans suffer from a severe disability – a threshold qualification for Medicaid
• Because Medicaid is available only to those with very low incomes, these individuals risk disqualification for benefits if they receive a legal settlement a back pay award or “too much” help from family members
• The term special needs trust refers to trusts that can be used to provide financial support to a beneficiary without rendering them ineligible for Medicaid or other government benefit.
• A Special Needs Trust can safely provide for extras, unaffordable or not covered by benefits.
• Studies have shown that a person’s satisfaction with their financial situation has more to do with their ability to manage their money than it does with the amount of money they have available.
• Learning money management skills improves a person’s sense of being in control of their life

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Synod Services

Twenty years ago, we developed an Innovative program that blends human services with fiduciary support, providing “Wrap Around” Money Management for elderly and disabled clients. Our program is mission driven and not for profit. We promote independent living and ensure that public benefits and family funds secure life’s basic needs for those who have difficulty prioritizing their resources.

Under the guidance of the CEO, a Trust Attorney, Synod has developed a financial advocacy program that provides trust administration, guardianship/conservator services, agency and powers of attorney as well as representative payee management of social security benefits.

We currently provide financial services to over 300 clients and across the spectrum of legal relationships, manage more than $1.7 million a year.

How We Work

In conjunction with the client and their supports, staff complete an assessment of the client’s needs, resources, goals and abilities. Based on anticipated expenses and the restrictions attending available resources, staff and client formulate a monthly budget ensuring that basic needs are paid from appropriate sources and supplemental needs prioritized. Staff pay bills monthly, while personal spending checks may be issued more frequently depending on the client’s money management skill. Staff are available by telephone, appointment or drop in and will provide beneficiaries with a quarterly statement of account activities.

Our Programs

• Stand Alone Trust Administration – Synod serves as trustee over the full range of stand alone trusts, specializing in beneficiaries with disabilities.
• Pooled Disability Trust – Extends the benefits of a special needs trust to individuals and families with more modest amounts to preserve, without the administrative expense of establishing a stand alone trust. Also extends trust services to disabled adults over 65.
• Representative Payeeship – Allows Synod to manage Social Security Administration benefits on behalf of those deemed unable to properly apply their payments.
• Guardian/Conservatorship – Protective services are available for the most vulnerable clients; Provided by trained, certified guardians and attorneys.
• Agency/Power of Attorney – Synod contracts directly with the consumer, institutional or family trustee to provide daily budget assistance and disperse funds.

Who Can Benefit?

• Parents planning for a disabled child’s future.
• Adult children providing for an aging mother or father, particularly those who live out of town.
• Individuals with a disability who may have reeived back pay from Social Security or a lawsuit settlement or award.
• Family members appointed trustee for a disabled person who have concerns about the details of administration or the conflicts that can arise over money.
• Trust Offices presented with a beneficiary who may require account representatives with mental health and social service training.

Advantages

Our Service:

• Does not charge an enrollment fee or an annual administration fee.
• Can provide trust administration as well as bill pay and daily money management of entitlement benefits.
• Fulfills all legal and government reporting requirements for beneficiaries and their families.
• Is staffed by account representatives who will offer more patience, understanding and clinical insight than is found in most bank or trust offices.
• Works with a range of beneficiaries from the elderly to those with active addictions.