Members of the Chambliss elder law and special needs practice worked with the Southeastern Trust Company, a division of Atlantic Capital Bank, and Friends of Special Children to establish the “Friends of Special Children (FOSC) Tennessee Pooled Trust." This is a new special needs pooled trust and the first of its kind in the Southeast Tennessee area. Friends of Special Children (FOSC) is a 501 (c)(3) nonprofit that has been helping children and individuals with special needs since 2003.
"The trust allows special needs individuals in Tennessee who receive public benefits to keep their benefits in the event they receive funds from a settlement or inheritance. The settlement or inheritance is placed in a sub-account within the pooled trust and the trustee has discretion over disbursements. The trustee discretion allows the special needs beneficiary to continue receiving their benefits while using the trust funds for their supplemental needs," explains a member of the Southeastern Trust Company.
Chambliss shareholder Dana Perry, along with associate attorney Leah McElmoyl and elder care benefits manager Sally Brewer, provided pro bono legal services to assist in the establishment of the trust. The official document signing and launch event will take place on Thursday, January 21 at 3:00pm at FSG Bank in Downtown Chattanooga.
Friends of Special Children (FOSC) Tennessee Pooled Trust was established to serve the needs of families who wonder what will happen to their loved one after they are gone and for people with disabilities seeking a way to fund their own trust. For more information about the “Friends of Special Children (FOSC) Tennessee Pooled Trust, click here.
Read the Hamilton County Herald article.
Read the Times Free Press article.
Read the Business Wire article.