Revised Retained Fund Grant Policy – July 1, 2023
Revised Retained Fund Grant Policy – Implementation: July 1, 2023
Issue: Wispact’s Retained Fund Committee is implementing a new Retained Fund Grant Policy starting July 1, 2023. New beneficiaries will be subject to a one year vesting period before being able to utilize the Retained Fund.
Why: To fulfill Wispact’s fiduciary role over the Retained Fund, and to ensure that original intent of the Retained Fund as a fringe benefit to Beneficiaries, who have established a Wispact trust to ensure the protection of their means-tested benefits, and to help ensure that these funds are available for future clients, Wispact has taken on the goal ofrevising our Retained Fund Grant Policies.
Part of this process was a revision to include a Retained Fund Grant Policy Acknowledgment.
Here is text:
“I acknowledge that I have received a copy of the Wispact Retained Fund Grant Guidebook, and that I understand that the Retained Fund is not an ongoing system of support to which I am entitled. I understand that no grants are guaranteed, and each request is reviewed on an individual basis. I understand that I must formally apply for any grants and must receive approval before hiring any services or having others purchase goods for me with the intention of being reimbursed by the Retained Fund. I further acknowledge that the method of payment and the fee arrangement with my attorney is an agreement between me and my attorney only, and the Wispact Retained Fund is not a factor or a party in those negotiations and cannot be relied upon as a guaranteed source of payment”
Both the client and attorney acknowledge this new policy. Language will be added to this Acknowledgement to reflect a new vesting period, as well.
To ensure that clients do not start a minimally-funded trust with the goal of obtaining charitable grants, Wispact is instituting a one-year (12-month) vesting period on the use of Wispact’s charitable grants from the date of initial Trust funding. The initial funding date of the Trust is the date the first deposit sent to Wispact is successfully processed and cleared in the Beneficiary’s Wispact Trust Sub-Account.
The vesting period will be implemented for trusts created on July 1, 2023 and later.
This does not impact the use of Wispact’s Creation Fee Grant.
Audience: This message is being communicated to both creating attorneys and potential clients. We ask that creating attorneys discuss this new Retained Fund policy with clients.
Retained Fund Grant Policy Acknowledgement
https://www.wispact.org/wp-content/uploads/2022/12/Wispact-Retained-Fund-Grant-Policy-Acknowledgement-2023.pdf
Retained Fund Grant Guidebook
https://www.wispact.org/wp-content/uploads/2022/12/Wispact-Retained-Fund-Guidebook-2022.pdf
Wispact thanks our creating attorneys in assisting us in fulfilling our mission: enhancing the well-being of people of all ages with disabilities across Wisconsin through the management of special needs trusts by promoting more choice and opportunities.
Regards,
Kevin Hayde Wispact Executive Director
and
Wispact Retained Fund Committee
Attorneys: If you have any questions or would like additional information, please contact
Kristi Papez
Senior General Counsel
Phone: 608.268.6006 ext 206
Wispact, Inc. is not a registered investment adviser, registered stock broker or broker-dealer and does not offer investment advisory services, programs or products. Any investment questions should be directed to qualified licensed professional financial advisers.