Pooled Trusts. Inside this issue:

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1 CCCS of Rochester/RethinkingDebt Headquarters: 1000 University Ave, Rochester, NY **Spring 2015** Inside this issue: Pooled Trusts 1 Budget Vacations 2 Pooled Trusts By: Stephanie Phillips, BalancedCare Ask CCCS 2 Credit Scores 3 Privacy 4 First Home Club 5 Career Start 5 Stay Connected 6 A pooled trust is a special account established and administered by a non-profit organization that manages peoples money so Medicaid doesn t count it as income. This helps some people qualify for community services who would not normally be able to qualify. According to Federal and New York State laws, a person of any age with a disability can use a pooled trust to protect income or resources that would otherwise disqualify them for government benefits, such as Medicaid. There are 3 different types of trusts. A 1st Party Pooled Trust is funded with the income or resources of the person with a disability and can be a spend down or lump sum trust. A 3rd Party Pooled Trust is funded with a gift from family members, such as an inheritance, and can be placed in the trust during life, by Will, through life insurance or retirement funds. The trusts are set up with subaccounts for each beneficiary in the trust and the trust pools these accounts. The trust not only shelters resources and income to qualify the individual for benefits, but the money can then be turned around to pay certain expenses for the beneficiary. BalancedCare is a part of Consumer Credit Counseling Service of Rochester, Inc. and provides Medicaid application assistance. In the process of applying for Medicaid, a pooled trust may need to be established and BalancedCare can assist in the facilitation of the trust setup during this process. Future Care Planning Services and Center for Disability Rights are two local agencies that offer a Pooled Trust for New York State Residents. If you want to find out if a Pooled Trust may help you qualify for Medicaid services, call BalancedCare at

2 Vacation on a Budget By: Jeana Breakingbury, Advisor It is hard to justify spending money on a vacation when things are tight financially. However, everyone needs a break whether it is just a few days or a week. Preplanning will make this getaway easier emotionally and financially. Here are a few things to think about when preplanning: Set a budget. What can you afford without getting yourself behind in your regular expenses? Do not use credit cards to pay for your trip. Give yourself plenty of time to save the money so you can pay cash. Make sure that you are calculating the cost of gas or airfare, shelter, food and activities. Also, add to that miscellaneous cash for unplanned expenses or emergencies. If you have family or friends that you can stay with during your getaway, that will help cut the cost. Where do you want to go? Take a look at the time of year you want to go. Will it be cheaper to go in the off season? Usually hotels and airfare are cheaper during slower times. Traveling during the off season can tend to be difficult for families because of school so if you have to travel during the peak times, remember you are going to pay a little more. When traveling during peak times, you will want to book hotels and air travel early to allow you to shop for the best price. All-inclusive and cruise vacations will usually include your stay, airfare, food and activities which could save you money. While on your vacation, monitor you re spending. Go to a local grocery store and buy water, snacks and lunch items. If you dine out and have left overs, use the hotel refrigerator and microwave to warm up for lunch the following day. When you arrive at your destination, ask for any discount brochures for dining out or activities. Have fun!! Question- How can I pay off my debt faster? Ask CCCS By: Lisa Hochlander, Director of Counseling and Client Support Answer- We encourage all our clients to make additional payments as often as they are able. Tax time, birthdays, holidays and graduations are times when you may have extra money to apply toward your debt. There are several ways to make extra payments on your account. If you would like to make a permanent increase to your monthly plan payment, please contact our Client Support Department to discuss the best options for paying down your debt. Our knowledgeable staff members are prepared to provide you with important account information that will help you decide where to apply your extra payments. You can make payments on our website at by clicking on the Make a Payment option of the Quick Links section then selecting Debt Management Plan or you can make additional payments in the form of a bank check or money order by stopping in or mailing your payment to: CCCS of Rochester 1000 University Avenue, Suite 900 Rochester, NY Page 2

3 Tips to Increase Your Credit Score By: Stacey Walker, Advisor Most people don t worry about credit until they need credit. When we are shopping around for a house, car or applying for credit cards or retail cards is when we get concerned about being turned down. When we are denied credit, it can be hard to swallow and can be embarrassing when someone tells you that you were not approved. Checking your credit report every year and staying on top of your credit is very important. When looking at your credit report, make sure everything on the report is correct; i.e. debts that you have, cars, mortgages, credit cards, student loans etc. Identity theft is very common and you do not want to be a victim of it. Checking your credit report is a great way to catch any suspicious items that may be identity theft. Always use to review your credit report as other reporting sources do not always give you the full report or might make you pay for the report. More and more types of people are checking your credit report. Apartment complexes, utility companies, employers and insurance companies- just to name a few- check your report to see if you are credit worthy or to see if you pay your bills on time. Do you know what makes up your credit score? The list below gives you an example of what is used to calculate your score. 35% of your credit score is Payment History Paying your bills on time will help out tremendously. Delinquent payments and collection accounts report negatively and affect your score. 30% of your score is Outstanding Debt Having too many open lines of credit can lower your score. Keep balances low on credit cards and other revolving credit. If you have a $1000 credit limit, you only want to spend $300 on that card. Do not use the whole line. High outstanding debt lowers your score. 15% of your score is Length of Credit History Accounts open for a long time have a positive impact on your score. 10% of your score is Recent Inquires Apply for and open new credit accounts only as needed. Do not open an account just because of a retail promotion. Also, every time you attempt to apply for credit cards 5 points will be taken away from your score. Keep new accounts to a minimum. 10% of your score is Types of Credit Try to have at least 3 different typescredit card, car payment, personal loan, student loan or mortgage. It s never too late to clean up your credit and improve your credit score. Keep in mind this debt did not happen overnight, so it will take some time and patience to establish good credit again. When increasing your credit score you are rebuilding your credit history. There is no quick fix for a bad score, so please be suspicious of any deals that offer you a fast easy solution. CCCS of Rochester/ RethinkingDebt can help you understand your credit report and also get some of those pesky debts paid off so you can increase your score for the future. Page 3

4 Consumer Credit Counseling Service of Rochester is a non-profit agency that has been doing business in the Rochester, NY area for over 40 years. In recent years, CCCS of Rochester has expanded to other areas of New York State as RethinkingDebt. We, as an organization, take seriously the trust you give to us when it comes to protecting your personal information. Everything you say to us during your counseling session is kept private and confidential. To protect your personal information from unauthorized access and use, we use security measures that comply with federal and state law. Our agency is committed to assuring the privacy of individuals and/or families who have contacted us for assistance. We assure you that all information shared both orally and in writing will be managed within legal and ethical considerations. Your personal financial information, such as your total debt information, income, living expenses and information concerning your financial circumstances, will be provided to creditors and possibly others only with your specific authorization. We may also use aggregated case file information for the purpose of evaluating our services, gathering valuable research information and designing future programs. Your anonymity will be maintained through the use of your client number or by using aggregate data in all circumstances. In all other situations, your information may be released to appropriate individuals or agencies ONLY UPON YOUR Your Privacy By: Anthony DiLuglio, Advisor WRITTEN REQUEST, or when our staff has been served by a valid subpoena. The following PRIVACY PRACTICES detail circumstances under which we will release your information to a third party: We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. We may compile data and aggregate information that you give us, but this information may not be disclosed in a manner that would personally identify you in any way. We may disclose some or all of the information that we collect, as described below, to creditors, or third parties that you have authorized who need this information in order for us to assist you after a counseling session. We may disclose all of the information that we collect, as described below, to creditors and related financial institutions that need this information in order to put you on a debt management program (DMP). We restrict access to nonpublic personal information about you to those employees who need to know that information to provide services to you. We maintain physical, electronic and procedural safeguards that comply with federal regulations to guard your nonpublic personal information. We collect nonpublic personal information about you from the following sources: -Information we received from you on our applications or other forms you provide -Information about your transactions with your creditors, others, or us. -Information we receive from a credit reporting agency. We may disclose the following kinds of nonpublic information about you: -Information we receive from you on applications or other forms, such as your name, address, social security number, assets and income. -Information about your transactions with us, your creditors, or others, such as your account balance, payment history, parties to transactions and credit card usage -Information we receive from a credit reporting agency, such as your credit history. Page 4

5 First Home Club By: Robert Jacob, Advisor Many New Yorkers dream of home ownership, but also struggle with being able to put aside the money for a down payment and closing costs. The First Home Club, a program established in 1995 by the Federal Home Loan Bank, is designed to help eligible first time home buyers achieve this dream. The program is a grant of up to $7,500 based on a 4:1 match of money saved in a club savings account at a partner bank which offers the First Home Club. During a period of 10 to 24 months, the borrower will make monthly deposits into this account. The grant along with the funds that have been saved can total as much as $9,400. The money is then used toward the down payment and/ or closing costs of a home anywhere in the state of New York, New Jersey, Puerto Rico, or the U.S. Virgin Islands. Eligible property types consist of 1-4 family homes, co-ops, condos and mobile homes. How can you determine if you qualify? There are a few ways to qualify but income limits are $55,600 or less for 1-2 person households and less than $63,940 for households of 3 and more. Potential first homebuyers must have a credit score of about 650 and full time work history for the past two years. The required documentation usually consists of a completed application from the partner bank, 2 years of federal tax returns with W2 s and a month of paystubs. At CCCS of Rochester/RethinkingDebt, we assist with this process by meeting with and providing each potential homebuyer with a budget consisting of monthly income as well as expenses. At that appointment, we also provide a detailed analysis of their credit report to locate any potential issues and, then, educate the client on what needs to be done in order meet the requirements of the program and make the dream of home ownership a reality. We also offer the workshop needed to close on your home. This workshop includes topics such as inspections, insurance, and working with a realtor. Call CCCS of Rochester/RethinkingDebt and we can help determine if you qualify for this program. Career Start is a private, locally owned full-service employment firm. From our start in 2007, we ve focused our efforts on being a leading community resource to employers, community and government agencies, and job applicants. We ve built strong employer relationships by offering a full range of employment services, including entrylevel recruitment and staffing; midlevel management and executive recruitment; daily flex workforce staffing; recruitment for direct hires; and payrolling for contracted agencies and employers. The Rochester Workforce Consortium is a collaborative partnership with the Rochester City School District s Office of Adult Career and Education Services, Catholic Family Center, and Career Start. Guest Essay: Career Start By: Kendall Jones Through this collective, we are able to offer community members case management services, job placement and education and training in one of eight vocational tracks: Assembly & Manufacturing, Automotive Technology, Building Maintenance, Carpentry, Certified Nursing Assistant, Culinary, Customer Service, and Printing & Promotions. Career Start provides job readiness workshops, resume writing, soft skill building, one-on-one job search, and placement and retention assistance. Career Start has a proven track record of successfully executing several placement and retention programs. Our team of professionals has built relationships with countless government and nonprofit agencies, and employers to better serve the needs of our community. We focus on a results-driven approach to providing services to our partners and clients. Career Start has consistently met or exceeded program outcomes for deliverables on externally funded contracts, and is always striving to provide an effective and efficient allocation of resources. We are always accepting new clients and welcoming new community partnerships. To learn more about our agency, please visit our website at or call Page 5

6 Non-Profit Org US Postage PAID Rochester, NY Permit NO. 986 Stay Connected with CCCS/RethinkingDebt Facebook - LinkedIn - Headquarters: 1000 University Ave., Suite 900 Rochester, NY Phone: (585) Fax: (585) Toll Free- (888) Twitter - Toll Free Phone: cccsinfo@cccsofrochester.org This newsletter is a publication of CCCS of Rochester/ RethinkingDebt.org, a Not-for-Profit agency. It is a source of information for clients, sponsors, representatives of the credit industry, and the service networks supportive of our mission and vision.