Legal and Practical Tips - Managing Resident Trust Accounts
Legal and Practical Tips - Managing Resident Trust Accounts
Product Code: 233

You are required to set up and manage resident trust accounts for your residents. The account is to be used for resident expenses. Often there are questions on what is an appropriate resident trust account expense, how to document withdrawals, what to do with the money if resident moves or dies. You must maintain and manage resident trust accounts as required by state and federal law. In this webinar, Ms. Voigt will review the law and rules on resident trust accounts, and recommend some practical risk management tips on how to manage the accounts. She will also review some case scenarios such as when a resident dies, and when there is a debate about the proper use of the funds by a state agency, family member, or resident.

Topics include:
  • What are the federal & state requirements for resident trust accounts
  • How do you standardize your process & forms for ease in auditing & documentation
  • What are the limitations on resident trust account uses
  • How do you keep track of disbursements
  • When must you return remaining funds to estate upon resident death & to whom do you return money
  • What happens to the funds when a resident moves
  • Can you keep funds if resident owes you money
  • Do you have to pay interest on funds
  • Should & how do you audit the accounts

Susan M. Voigt, Attorney/Partner
Voigt, Rodè & Boxeth, LLC

Original Air Date: 9/12/2012
Length: 60 minutes
Category: Administrative
Discounted member price: 35.00
You could save 72.0%