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| A Master Trust
is created using money from a family member or friend
for the benefit of an Ohio resident with a disability,
know as the Beneficiary. Once a trust account is established,
requests for distributions from the trust account can
be made by the Designated Advocate for the supplemental
services for the Beneficiary. To ensure that government
benefits are not jeopardized, Community Fund Management
Foundation acts as the Trust Advisor and convenes a committee
to review distribution requests. Provided the distribution
does not cause any risk to or loss of the Beneficiary's
government benefits, money is distributed from the trust
by the Trustee, Fifth Third Bank, Northeastern Ohio. Payment
is made directly to the provider of the goods and services
whenever possible. |
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The Master Trust is established
to benefit an individual with a disability, know
as the Beneficiary. The Beneficiary must be a resident
of Ohio with a disability.
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The person establishing a Master Trust names
a Designated Advocate. The Designated Advocate
can be a relative, friend, an organization, or
the individual with a disability, if he or she
has the capacity to do so.
It is important to select a Designated Advocate
who understands the needs of the Beneficiary and
who will represent the best interests of the Beneficiary
in a responsible and trustworthy manner.
The Designated Advocate works with the Trust
Advisor, communicating the needs of the Beneficiary
and providing information and documentation about
the Beneficiary's government benefits and supplemental services.
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As the Trust Advisor,
CFMF works with the Designated Advocate and reviews
all requests for distribution from the trust account
to ensure that the Beneficiary's government benefits
are not jeopardized. A Review Committee evaluates
all requests for distributions to make sure the
distributions do not jeopardize benefits that have
been applied for or are being received by the Beneficiary.
To offset administration costs, there is a fee
charged by CFMF for the creation of a Master Trust.
There is also a minimal annual management fee.
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As Trustee, Fifth
Third Bank, Northeastern Ohio, invests the assets
of the Master Trust and makes distributions from
the trust account. Funds in the trust account are
invested in mutual funds administered by the bank
and interest is earned on the investments.
The Trustee, Fifth Third Bank, Northeastern Ohio,
does not charge a trust account management fee.
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Upon the death of the
Beneficiary, the funds remaining in the trust account
are distributed to the individual(s) or organization(s)
specified when the trust was created. There is no
payback to the Ohio Department of Job and Family
Services for services provided to the Beneficiary
through the Medicaid program.
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Community Fund Management Foundation
does not provide legal advice or assistance to establish
the Master Trust. A licensed attorney must review
the trust documents and sign the Joinder Agreement.
An attorney may also be necessary to draft or change
the wills of any friends or family members who want
to leave assets to the Beneficiary's trust account
upon their death.
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