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 Fee Schedule.
Commonwealth Community Trust (CCT) is a nonprofit organization whose expenses for administration are met through fees. The Trust Company of Virginia (TCVA) has fiduciary responsibility for both managing and investing the funds. The following fees apply to CCT’s First-Party Pooled Special Needs Trust:
- The minimum initial funding is $5,000 or greater.
- The funds are pooled for investment purposes and a record is maintained for each Beneficiary’s sub- account. Financial statements are available to the Advocate(s).
- Neither CCT nor TCVA can guarantee returns or rates of income on invested funds.
- Services are intended to be inclusive, but separate and additional charges may be imposed for special or extraordinary services. Some examples are special investment management situations, court accountings, attorney fees, and case management services.
- CCT and TCVA reserve the right to change the fees.
- CCT’s Consultation Fee and TCVA’s Investment & Management Fee are based on the current balance of each Beneficiary’s sub-account.
- CCT Fee – $1,250 for sub-accounts when the total funding amount is $15,000 and above
- $550 for sub-accounts when the total funding amount is $14,999 and below.
Make check payable to Commonwealth Community Trust or the Enrollment Fee will be deducted at the time the sub-account is funded.
- TCVA Fee – $300, deducted from the sub-account at the time the sub-account is funded.
Funding Deposit Check
- Make check payable to TCVA, trustee for CCT, fbo (Beneficiary Name), 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 Sub-Account
- CCT Consultation Fee – 0.50% per year, prorated on a monthly basis.
- TCVA Investment and Management Fee – averages 0.34% per year, prorated on a monthly basis.
- TCVA Annual Recordkeeping Fee – $200 per year, prorated on a quarterly basis.
- CCT Termination Fee – $500, when the Beneficiary passes away or the Trustee is changed.
Additional Information for Medicaid Recipients
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. The funds are subject to the payback to Medicaid as required by law and the terms of the First-Party Pooled Special Needs Trust Master Trust Agreement.
Click here for a printable version of this Fee Schedule.
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