Frequently Asked Questions
How do I open an
account is opened by completing a Joinder Agreement and
submitting it to the Trust.
Who requests the
payments from the Trust?
is appointed by the person completing the Joinder Agreement and
the co-trustee represents the beneficiary by requesting funds
for the needs of the beneficiary. The co-trustee is usually a
What are the fees?
submitting the Joinder Agreement, the following fees are assessed:
Enrollment and Approval Fee
- A one-time $900.00 fee paid for the creation of the account and
the approval process with the Georgia Department of Community
B. After the sub-account is funded, the
following fee is assessed:
Administrative and Investment Fee –
During the year the trust
make the necessary deposits and disbursements;
maintain a separate account for the beneficiary;
invest the excess funds to generate investment income, while
making an effort to preserve capital;
allocate the investment income to the beneficiary’s account
on a weighted average basis of the account balances during the
prepare and distribute an annual financial summary of the
prepare and file the U.S. and Georgia Fiduciary Tax Returns
when necessary; and
provide the annual financial information required by the
Georgia Department of Community health (when required).
The fee will be computed
and paid on a quarterly basis (25% of the annual amount) and annual
amount is as follows:
1% of the
average account balance on the amount up to $700,000
(.0075) of the amount of the average account balance of $700,000 to
(.0050) of the amount of the average account balance above
- Who prepares the
necessary tax returns?
of Tax Returns:
sub-account is a trust and is generally required to file a
U.S. and a Georgia Fiduciary Return. If the return is
required, the Trust will prepare the return at
charge to the beneficiary.
beneficiary is required to file a
U.S. and Georgia Individual
Income Tax Return, the Trust will prepare the return if
requested. The fee is $300. [The fee is deducted from the account]
- Will the co-trustee
receive reports from the Trust?
The co-trustee will
receive an annual report that will summarize the activity in the
Trust account for the year.
Why choose the
Georgia Community Trust?
- The Trust is a corporate entity that does not depend upon any
one individual. Therefore, continuity is more likely.
Expertise - The Georgia Community Trust provides the
necessary expertise regarding Medicaid regulations and does not
supplant family involvement in decision making, but it does free
family members from the responsibility of navigating the
Affordability - Fees charged by the Trust are
substantially less than fee charged by banks for an individually
managed trust. Moreover, banks often require a minimum balance.
Who can open a Trust
account for the beneficiary?
Parents; guardians; grandparents; a court; or the beneficiary.
What happens to the
remaining funds in the account upon the death of the
If the funds transferred to the Trust belonged to a third party,
not the beneficiary, the funds remaining after the death of the
beneficiary will be distributed to the individuals and
organizations designated in the Joinder Agreement.
If the funds were transferred by the beneficiary to the Trust,
the remaining balance must first be used to reimburse the State
for Medicaid payments on behalf of the beneficiary and the
remainder can be distributed according to the Joinder Agreement.
How do I obtain more information?
Can the beneficiary
be reimbursed for the expenses of a vacation?
The co-trustee can obtain reimbursement for the beneficiary's
vacation, which can include travel and hotel expenses of the
beneficiary and a caretaker.
Who provides the
investment advice for Trust (equity investments)?
The investment advisor to the Georgia Community Trust is Scott
and Stringfellow, LLC.
To obtain additional information about Georgia Community Trust,
contact Robert M. Fink, Executive Director, (770) 431-7070 or via