When establishing a trust with CCT, the Fee Schedule must be signed and included with the Joinder Agreement. Click here for a printable version of the First-Party Pooled Special Needs Trust with Medicare Set-Aside Account Fee Schedule.
Commonwealth Community Trust (CCT) is a nonprofit organization whose expenses for administration are intended to be met through fees. The following fees apply to CCT’s First-Party Pooled Special Needs Trust with a Medicare Set-Aside Account:
- Enrollment Fee – $1,250, made payable to CCT when the trust is established by the Grantor.
- For trusts under $15,000, this Enrollment Fee is reduced to $550.
- CCT Consultation Fee – 0.50% per year*, prorated on a monthly basis
- CCT Termination Fee – $500, only applied if the Beneficiary passes away or if the trust is moved to a different fiduciary
The Trust Company of Virginia (TCVA) has fiduciary responsibility for both managing and investing the funds.
- The minimum initial funding is $5,000 or greater.
- Checks can be made payable to TCVA, trustee for CCT, fbo (Beneficiary Name) for additional deposits to the beneficiary’s subaccount at any time.
- The funds are pooled for investment purposes, and a record is maintained for each Beneficiary’s sub account.
- Neither CCT nor TCVA can guarantee returns or rates of income on invested funds.
- TCVA Investment and Management Fee – averages 0.34% per year*, prorated on a monthly basis
- TCVA Annual Record Keeping Fee – $200 per year, prorated on a quarterly basis
- TCVA Set Up Fee – $300, one-time fee applied upon the funding of each sub account
- Upon the death of the Beneficiary, any funds remaining in the sub account, after payment of administrative fees, will be disbursed according to the provisions of the Joinder Agreement subject to the payback to Medicaid as required by law and the terms of the First-Party Pooled Special Needs Trust Master Trust Agreement.
- Additional fees may be charged by the Medicare Set-Aside Administrator.
CCT and TCVA reserve the right to change the above fees.
Services are intended to be inclusive, but separate and additional charges may be imposed for special or extraordinary services. Examples are special investment management situations, court accountings, attorney fees, and case management services.
* CCT Consultation Fee and TCVA Investment and Management Fee are based on the current balance of each Beneficiary’s sub account.
Click here for a printable version of this Fee Schedule.
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