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Trust Plan the Arc of Northern Virginia Form
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People also ask
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What is ARC trust?
The Arc of Indiana Master Trust offers families, people of. all disabilities, people with mental illness, and people 65+ an experienced, professional option for special needs trust.
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How do I set up a trust account in Virginia?
To make a living trust in Virginia, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries—that is, who will get the trust property. Create the trust document.
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Who is the best trustee for a special needs trust?
An independent trustee can be objective and usually has skills, such as investment, accounting, tax and public benefits expertise, that family members lack. Requiring the trust to have an independent trustee also prevents a family trustee from being caught in an endless series of conflicts of interest.
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What is the ARC Master Trust?
The Arc Master Trust is a pooled special needs trust designed to help individuals with disabilities remain eligible for government assistance programs while enjoying a higher quality of life than would otherwise be possible.
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What is the role of a trustee in a special needs trust?
The role of the trustee The trustee's job is critical. He or she will be responsible for ensuring that the beneficiary retains government benefits and that the funds in the trust are only used to supplement those benefits.
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Can a trustee spend the money?
Trustees are entitled to use trust funds to pay for certain things such as funeral expenses, repaying any debts, fees paid to professionals who help with administrative tasks, taxes owed, and expenses related to properties included in the trust.
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Can a trustee access money?
A trustee is allowed to use money from the trust they oversee to pay third-party expenses. It's possible that you may include additional circumstances in the trust's wording in which they may be able to make additional withdrawals.
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Can a trustee of a special needs trust be paid?
Even if the trust does not contain any specific language about fees, the trustee has a right to be paid. The trustee fee is a tax deduction for the trust and is taxable income to the trustee. The following are some factors to consider in determining an appropriate fee:
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