The Georgia Community Trust is a Master Trust with Separate Accounts designed to provide a savings venue for individuals with disabilities that does not affect their state benefits.
Individuals receiving SSI and Medicaid are limited as to the amount of income they may receive and the amount of assets they may own.
The Georgia Community Trust was established to assist families in their planning to provide financial assistance and security to a family member with a disability.
Pooled funds are invested and overseen by a professional Investment Advisor. A separate individual sub-account is maintained for each beneficiary.
Assets transferred to the Trust and earmarked for the intended beneficiary, are not considered assets of the beneficiary for the purposes of SSI and Medicaid. Allowing them the ability to save for their future and maintain a consistent quality of life.
Establishing a Georgia Community Trust Account
A “first-party” sub-account with the Trust can be established by the beneficiary’s parent(s), grandparent(s), legal guardian or conservator, grandparent, a court, or the beneficiary. A First Party Trust is often funded using settlement funds or personal funds of the beneficiary.
A “third-party” sub-account with the Trust can be established by anyone and is funded using monetary gifts or donations of someone other than the beneficiary.
An eligible beneficiary is a resident of Georgia with a disability as determined for the purposes of SSI and Medicaid.
The Georgia Community Trust maintains the Trust by:
- Making the necessary deposits and disbursements.
- Maintaining a separate sub-account for the beneficiary.
- Investing the excess funds to generate investment income, while making an effort to preserve capital.
- Allocating the investment income to the beneficiary’s account on a weighted average basis of the account balances during the period.
- Preparing and distributing an annual financial summary of the beneficiary’s account.
- Preparing and filing the U.S. and Georgia Fiduciary Tax Returns (when necessary).
- Providing the annual financial information required by the Georgia Department of Community health (when required).