Click here to download this Third-Party Pooled Special Needs Trust Attorney Checklist as a PDF. This checklist should be completed with the Joinder Agreement.
For attorneys who are assisting a client in establishing a Third-Party Pooled Special Needs Trust, CCT requests that the following information be discussed with the client.
- Confirmation that the Beneficiary of the trust has special needs.
- Notification to the client of the tax consequences of a trust sub account, that the Trust Company of Virginia (TCVA) will provide a K-1 form to Advocate, as required by IRS Regulations, and to consult a tax preparer with any questions.
- Review of the Third-Party Pooled Special Needs Trust Suggested Language and notification to the client that funds deposited into the Third-Party Pooled Special Needs Trust must belong to someone other than the Beneficiary. The Beneficiary’s own assets, including an inheritance left directly to the Beneficiary, cannot fund a third-party trust.
- For a client receiving Supplemental Security Income (SSI), notification to the client that the trust will not normally disburse funds for shelter or food, as such disbursements must be reported to SSA and may reduce the client’s SSI benefits.
- Notification to client that in order to protect SSI benefits, the trust does not disburse funds for shelter or food as SSI is intended to pay for these expenses. If there is an unusual circumstance, such disbursements must be reported to SSA and may reduce the client’s SSI benefits.
- Notification to client that the trust follows the rules regarding SSI and Medicaid in order to protect both SSI and Medicaid benefits.
- For a client receiving Section 8 Subsidized Housing (HUD), notification that a special needs trust may impact eligibility for subsidized housing.
Note: It is not the intention of Commonwealth Community Trust (CCT) to provide legal advice.
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