Party Pooled Special Needs Trust Sample Clauses

Party Pooled Special Needs Trust for the benefit of (Name of Beneficiary) for deposits into the Beneficiary’s sub-account. • Checks can be received at any time. • Direct deposits can be arranged – contact CCT for more information. 1 Mutual funds, money market funds, and exchange-traded funds (ETFs) also charge internal management fees, which are disclosed in the fund's prospectus and deducted from the net asset value of the funds. Any additional investment or custodial fees will be disclosed in advance. True Link may engage additional third parties who may charge additional fees. Ongoing Fees Deducted from the Funded Sub-Account • CCT Consultation Fee – 0.50% of the average daily balance of the sub-account, per year, prorated on a monthly basis. • True Link Financial Advisors, LLC’s Investment Management Fee – 0.34% of the average daily balance of the assets under management in the sub-account, per year, prorated on a quarterly basis. • True Link Financial, Inc.’s Annual Record-keeping Fee – $150 per year, prorated on a quarterly basis. • Capital First Annual Trustee Fee – $100 per year, prorated on a quarterly basis Termination Fees • CCT Termination Fee – $500, when the Beneficiary passes away or the account is moved. For Military Survivor Benefit Plan (SBP) Trusts ONLY • Because the SBP trust will be funded by fixed monthly payments, the minimum initial funding requirement does not apply. • All SBP trusts require a CCT enrollment fee of $1,250, regardless of total funding amount. Make check payable to Commonwealth Community Trust. Enrollment fees for SBP trusts cannot be deducted from the sub-account, as it will not be funded upon joining. • An initial account deposit of $10.00 is required. Make checks payable to CCT First-Party PSNT f/b/o (Name of Beneficiary) or Commonwealth Community Trust First-Party Pooled Special Needs Trust for the benefit of (Name of Beneficiary). • No additional fees will be charged until the first MSB payment is received by CCT. * For investment management services, the Trust is the client, not the beneficiary. Mutual funds, money market funds, and exchange-traded funds (ETFs) also charge internal management fees, which are disclosed in the fund's prospectus and deducted from the net asset value of the funds. Any additional investment or custodial fees will be disclosed in advance. True Link may engage additional third parties who may charge additional fees. *Accounts having a balance below $25.00 will be closed, and a check for the account balance will be ma...
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Party Pooled Special Needs Trust. In order for a Beneficiary of a First‐Party Pooled Special Needs Trust to have funds in a trust, federal and state law requires that upon the Beneficiary’s death, the state or states will have a claim against the trust for any money that the state or states’ Medicaid program has paid out on his or her behalf that is not retained by a nonprofit organization. It is important to note that the Third‐Party Pooled Special Needs Trust does not require a Medicaid payback upon the Beneficiary’s death. Medicare – A health care program operated and funded by the federal government for senior citizens, people 65 years of age or older; and people with specific disabilities.
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Party Pooled Special Needs Trust. Self‐funded by the individual with special needs as a result of a personal injury award, Social Security back payment, direct inheritance, or other reason. For a Beneficiary who receives Medicaid, this is a Medicaid payback trust. Upon the death of the Beneficiary, Medical Assistance Services will be repaid for its expenditures during the Beneficiary’s lifetime. This type of trust must be irrevocable by law. Grantor – The person who establishes the special needs trust and is generally the person whose assets fund the trust. Irrevocable Trust – Refers to any trust which cannot be undone or changed. The Pooled Special Needs Trust is irrevocable by law. An irrevocable trust is a legal agreement whose terms cannot be changed by the creator, or grantor, who establishes the trust, chooses a trustee, and names the beneficiary or beneficiaries. The trust document names a trustee who is responsible for managing the assets in the best interests of the beneficiary or beneficiaries and carrying out the wishes the creator has expressed. Joinder Agreement – The legal document that allows the Beneficiary to have a sub‐account with a Pooled Special Needs Trust. The Joinder Agreement for GCT of AADD needs to be completed and notarized. Letter of Intent –The Letter of Intent provides Pooled Special Needs Trust Advisory Co‐ Trustee’s the opportunity to elaborate on his/her vision and goals for the trust and to share with the Trustee information about the Beneficiary which can include special interests, likes and dislikes.
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Party Pooled Special Needs Trust for the benefit of (Name of Beneficiary) for deposits into the Beneficiary’s sub-account. • Checks can be received at any time. • Direct deposits can be arranged – contact CCT for more information. Ongoing Fees Deducted from the Funded Sub-Account • CCT Consultation Fee – 0.50% of the average daily balance of the sub-account, per year, prorated on a monthly basis. • True Link Financial Advisors, LLC’s Investment Management Fee – 0.34% of the average daily balance of the assets under management in the sub-account, per year, prorated on a quarterly basis. • True Link Financial, Inc.’s Annual Record-keeping Fee – $150 per year, prorated on a quarterly basis. • Capital First Annual Trustee Fee – $100 per year, prorated on a quarterly basis Termination Fees • CCT Termination Fee – $500, when the Beneficiary passes away or the account is moved. * For investment management services, the Trust is the client, not the beneficiary. Mutual funds, money market funds, and exchange-traded funds (ETFs) also charge internal management fees, which are disclosed in the fund's prospectus and deducted from the net asset value of the funds. Any additional investment or custodial fees will be disclosed in advance. True Link may engage additional third parties who may charge additional fees. *Accounts having a balance below $25.00 will be closed, and a check for the account balance will be made payable to the Beneficiary and mailed to the Advocate. Check which do not clear within 90 days or checks returned due to an insufficient address will be voided and the balance will be paid to CCT as an additional closing fee.
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