Commonwealth Community Trust (CCT) provides general
information to assist attorneys in the representation
of their clients. CCT does not offer legal advice nor
does CCT offer to draft legal papers for attorneys.
CCT is a non-stock, nonprofit Corporation qualified as a 501(C)(3) entity under the Internal Revenue Code. CCT provides people with disabilities the opportunity to establish a trust that will not jeopardize entitlement benefits, and in conjunction with the Trust Company of Virginia, serves as the Trustee. CCT offers two types of trusts:
The self-funded Pooled Disability Trust is established by the person with a disability who comes into a sum of money.
The third party Special Needs Trust is established by family members, usually as part of an Estate Plan.
Commonwealth Community Trust’s Pooled Disability Trust was set up in 1994 in response to the sweeping changes in the Medicaid rules under the Omnibus Budget Reconciliation Act of 1993 (OBRA - 93). The Pooled Disability Trust assists persons with disabilities who have assets of their own (such as a personal injury settlement, social security back payment or inheritance), who are otherwise eligible for entitlement benefits and need a Trustee.
It is possible for a Court to order that structured settlement payments be paid to the Trustees of the Pooled Trust for the benefit of the disabled individual. Also, it is possible for the person with a disability (or Guardian, etc.) to transfer assets to the trust on his/her behalf.
The CCT Master Trust Agreements, with amendments, are recorded in the Chesterfield County Circuit Court Clerk's Office.
The Joinder Agreement is the legal document to join. Detailed information about the Beneficiary is maintained by CCT and updated annually.
Funded accounts with CCT are managed and invested by The Trust Company of Virginia, a licensed trust company under state law. The Trust Company of Virginia is advised by CCT’s Board of Directors currently consisting of sixteen individuals. Under the terms of the CCT trust, at least two members of the Board must be related to a person with a disability and the rest have a professional or personal interest in issues relating to individuals with disabilities.
The benefits of the Commonwealth Community Trust are several:
• No required minimum to fund the trust often encountered as part of establishing a bank trust.
• Monitors and safeguards the Beneficiary's SSI and Medicaid on an individual basis.
• Assures that changes in laws and regulations will be known so that necessary modifications can be made
in each individual's program.
• Provide required reporting to Social Security and Medicaid at the time the trust is established.
• The remainder in the third party Special Needs Trust after the Beneficiary’s death can be dispersed to the Grantor’s
designated Beneficiary, as permitted by law.
• The remainder in the self-funded Pooled Disability Trust can go to the Grantor’s designated Beneficiary after Medicaid
is paid back (for clients who receive Medicaid) or based on the state’s policy for the remainder.
Please contact CCT if you would like some additional information for a Court Petition or Order if you are dealing with either:
A. a merger of an existing testamentary special needs trust into CCT (Master Special Needs Trust); or
B. a court ordered settlement of a disabled individual under age 18, in accordance with VA Code 8.01-424 (Pooled Disability Trust).
CCT is a non-stock, nonprofit Corporation qualified as a 501(C)(3) entity under the Internal Revenue Code. CCT provides people with disabilities the opportunity to establish a trust that will not jeopardize entitlement benefits, and in conjunction with the Trust Company of Virginia, serves as the Trustee. CCT offers two types of trusts:
The self-funded Pooled Disability Trust is established by the person with a disability who comes into a sum of money.
The third party Special Needs Trust is established by family members, usually as part of an Estate Plan.
Commonwealth Community Trust’s Pooled Disability Trust was set up in 1994 in response to the sweeping changes in the Medicaid rules under the Omnibus Budget Reconciliation Act of 1993 (OBRA - 93). The Pooled Disability Trust assists persons with disabilities who have assets of their own (such as a personal injury settlement, social security back payment or inheritance), who are otherwise eligible for entitlement benefits and need a Trustee.
It is possible for a Court to order that structured settlement payments be paid to the Trustees of the Pooled Trust for the benefit of the disabled individual. Also, it is possible for the person with a disability (or Guardian, etc.) to transfer assets to the trust on his/her behalf.
The CCT Master Trust Agreements, with amendments, are recorded in the Chesterfield County Circuit Court Clerk's Office.
The Joinder Agreement is the legal document to join. Detailed information about the Beneficiary is maintained by CCT and updated annually.
Funded accounts with CCT are managed and invested by The Trust Company of Virginia, a licensed trust company under state law. The Trust Company of Virginia is advised by CCT’s Board of Directors currently consisting of sixteen individuals. Under the terms of the CCT trust, at least two members of the Board must be related to a person with a disability and the rest have a professional or personal interest in issues relating to individuals with disabilities.
The benefits of the Commonwealth Community Trust are several:
• No required minimum to fund the trust often encountered as part of establishing a bank trust.
• Monitors and safeguards the Beneficiary's SSI and Medicaid on an individual basis.
• Assures that changes in laws and regulations will be known so that necessary modifications can be made
in each individual's program.
• Provide required reporting to Social Security and Medicaid at the time the trust is established.
• The remainder in the third party Special Needs Trust after the Beneficiary’s death can be dispersed to the Grantor’s
designated Beneficiary, as permitted by law.
• The remainder in the self-funded Pooled Disability Trust can go to the Grantor’s designated Beneficiary after Medicaid
is paid back (for clients who receive Medicaid) or based on the state’s policy for the remainder.
Please contact CCT if you would like some additional information for a Court Petition or Order if you are dealing with either:
A. a merger of an existing testamentary special needs trust into CCT (Master Special Needs Trust); or
B. a court ordered settlement of a disabled individual under age 18, in accordance with VA Code 8.01-424 (Pooled Disability Trust).
