What amount of money should I place in an account opened with the Maine Trust for People with Disabilities?
An account opened with the Maine Trust for People with Disabilities must be funded with a minimum amount of $25,000. If funded during your life, the $25,000 must be contributed within five years of the time you open the account. If funded on your death, the $25,000 must be contributed within a reasonable time after your death. There is no maximum amount of funding for an account. Funding levels should take into account needs of the disabled beneficiary, the person’s age, the services that are to be provided for by the account. Families may want to seek the advice of an attorney and financial planner regarding the amount needed to provide the desired level of benefits over the remainder of the disabled individual’s life. Some variables that should be considered are the average life expectancies of people at certain ages and how the amount in the account will be spent over time, including disbursements to cover Trust fees over the beneficiary’s lifetime. Also, consideration should be giv
