An Overview of the Master Trust
The Master Trust of California is operated by Inland Counties Regional Center, Inc. to give persons with developmental disabilities the opportunity to benefit from the estate planning of others and assets of their own. In certain circumstances, the assets held in a trust are not considered an asset or as income of the beneficiary in determining eligibility for SSI and Medi-Cal benefits.
In the mid-seventies, the research which led to the development of the Master Trust of California , formerly the Inland Counties Master Trust, was prompted by a growing concern in the community by the parents of children with developmental disabilities. They were concerned about the welfare of their children after their demise. The research and development of the Master Trust program took over four years and, in 1979, the first trust was established.
The result is the Master Trust of California which offers trust services to beneficiaries with developmental disabilities. The advantages of this program are:
• Administration of the trusts is performed by the Trust Committee of the regional center's Board of Trustees. This committee consists of professionals in the legal, financial, business and medical fields and parents who have an interest and understanding of the unique problems of individuals with developmental disabilities.
• Low trustee fees which enable trusts to be established with a principal of less than $10,000.
• Under current regulations, assets and income of the trust may not be considered assets or income of the trust beneficiary, except under certain circumstances, which often enables the trust beneficiaries to retain their SSI and Medi-Cal benefits.