Alabama Family Trust
Alabama Family Trust is a non-profit organization that manages "Special Needs Trusts" or "Qualified Income Trusts" as defined under Title 42, Section (d)(4)(C) of the United States Code, as amended by a 1993 law. Proceeds from the investment of pooled funds can be used to supplement Medicaid and Supplemental Security Income benefits without the recipient having to claim the value of the invested funds as personal resources.
The organization was established in 1994 by the Alabama State Legislature. Its nine board members are appointed by the Governor of Alabama, the president of the Alabama State Senate and the speaker of the Alabama House of Representatives, subject to Senate confirmation. Members serve three-year terms without compensation.
Its offices, formerly shared with United Cerebral Palsy off Lakeshore Parkway, relocated to the Berry Building at 2820 Columbiana Road in Vestavia Hills in 2014. Its pooled funds are invested and managed by BancorpSouth Asset Management and Trust. In March 2016 the organization's combined trust was valued at $19.3 million, apportioned between 627 active trusts. The executive director of the Alabama Family Trust is Melanie Holliman.
Under a 2014 Alabama law, the Alabama Family Trust is permitted to expand its reach across state lines. The organization was honored with the "New Horizons at UAB Award" from the UAB Comprehensive Center for Healthy Aging in 2014 and the Organization Award presented by the Alabama Gerontological Society in 2016.
References
- Steere, Tim (April 19, 2016) "Alabama Family Trust hoping to jump out of state this year." Birmingham Business Journal
- Williams, Emily (May 31, 2017) "Where to Put Your Trust: Alabama Family Trust Helps McCune Family Afford Quality Care for Their Mother." Over the Mountain Journal
External links
- Alabama Family Trust website