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The Commonwealth Community Trust (CCT) is a Virginia-based non-profit organization established in 1990 that administers Special Needs Trusts (SNT) for individuals with disabilities. Founded by parents seeking better management of SNTs, CCT has grown significantly since receiving state funding in 2000, currently serving 400 participants with $11.5 million in assets. The trust allows beneficiaries to maintain eligibility for public benefits like Medicaid and SSI while accessing funds for quality-of-life improvements. The document outlines the process of creating an SNT, including legal considerations, fee structures, and investment strategies managed by the Trust Company of Virginia.

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What is the difference between a first and third-party trust?

While first-party special needs trusts and pooled trusts hold funds that belong to the person with special needs, third-party special needs trusts, as the name implies, are funded with assets that never belonged to the trust beneficiary, and they provide several advantages over the other two types of trusts.

What is a qualified disability trust?

A qualified disability trust (QDisT) is a type of trust that qualifies for tax exemptions and applies to most trusts set up for someone with special needs. Normally, you must pay income tax on the income you receive from trusts, and that requirement formerly included special needs trusts.

What is the best trust for a disabled person?

A special-needs trust is a trust for a person with a disability or a child or an adult with special needs. With a special-needs trust, the beneficiary can continue to receive public benefits even if they have assets. Assets are managed as a SNT, not as their own assets.

What are the disadvantages of a special needs trust?

Cons of Special Needs Trusts The trust must be maintained, and yearly management costs can be high. Depending on who manages the fund, there may be a minimum amount required to set up the trust. It may be financially difficult for the settlor to actually establish the trust, depending upon their circumstances.

What is pros and cons about having special needs trust?

Pros Cons of a Special Needs Trust ProsConsFunds are tax-deductibleFunds must pay back Medicaid after the beneficiarys deathFunds cant be collected by creditors or for judgementsFunds can only be used for limited services, not including food or housing1 more row Aug 16, 2022

How does a special needs trust work North Carolina?

With a Special Needs Trust, the Trust, not the person with a disability, obtains a legal title to the assets held in the Trust. Therefore, the assets are not included in benefits eligibility calculations. Once eligible, any earned or unearned income to the person with a disability may reduce his/her benefits.

What is a third-party special needs trust in Virginia?

A third-party special needs trust (a.k.a. supplemental needs trust) is a type of legal protection that a settlor, usually a parent, family member, or legal guardian, creates for the sole benefit of a person with special needs. A third-party SNT can be either a revocable or an irrevocable trust.

What are the requirements of a trust NC?

What are the Requirements for Creating a Valid Trust in North Carolina? A settlor with capacity to convey; A clear intention to create a trust; A definite and ascertainable beneficiary, unless a charitable trust or a trust for animals; A competent trustee with duties to perform; and.

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