CCT Trust Administration Services
When establishing a trust, it is important to understand the role and responsibilities of the trust administrator, as income and principal is distributed at the sole discretion of CCT.
Commonwealth Community Trust (CCT) is committed to meeting the needs of its clients by providing the following services:
- Consultation, as needed, when establishing a trust
- Collaboration, as needed, with attorneys or other stakeholders
- Professional and personalized customer service
- Ongoing advisement to ensure SSI and/or Medicaid eligibility are not jeopardized for Beneficiaries receiving these benefits
- Comprehensive review of disbursement requests by CCT’s experienced and caring staff
- Processing approved disbursements within two weeks of receipt of the request
CCT is guided by the following principles:
“The Duty to Be Prudent” – The Trustee has the duty to be prudent. It is the Fiduciary’s responsibility to safeguard the trust property for the Beneficiary.
“Protection of Benefits” – The trust has been drafted in such a way that a Beneficiary currently receiving or applying for Supplemental Security Income (SSI) and/or Medicaid will continue to be eligible for those benefits.
“Sole Benefit” – Distributions from the trust are for the sole benefit of the Beneficiary, the person for whom the trust is intended to benefit.
The Trust Company of Virginia
CCT has selected The Trust Company of Virginia (TCVA), a federal chartered financial institution with trust powers, located in Virginia, as the Trustee. TCVA has fiduciary responsibility with oversight provided by CCT Board of Directors.
TCVA’s services include:
- Investment and management of pooled funds
- An accounting of trust activity for each sub account, mailed quarterly to the Advocate or available online
- K-1 forms for participants with funded trusts as required by the IRS, mailed to the Advocate
Contact CCT for more information.
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