Creation Fee Grant
The Wispact Board of Directors has approved an expanded Creation Fee Grant Program for 2018. This expanded program will provide grants to assist Wispact beneficiaries with reimbursement of a portion of the legal fees incurred through the creation of a Wispact Special Needs Trust. If eligible, the Beneficiary will also be reimbursed the $250 set-up fee. Please see eligibility criteria and Creation Fee Subsidy Program procedure outlined below:
Eligibility: Any current Wispact sub-account beneficiary that creates and funds a trust account in 2018, per the amount limitations as outlined below, will be eligible for a Creation Fee Grant, as set forth in (2) below.
|Type of Trust Created||Account funding amount eligible for legal and set-up fee grant (funding amount calculated 30 days post-trust creation)|
|Trust I||$75,000 and less|
|Funded Trust II (Third Party)||$90,000 and less|
If eligible per the criteria set above, the Grant issued will reimburse the Beneficiary’s sub-account:
Legal fees incurred by the Beneficiary for the creation of a Wispact Trust sub-account up to $2,000.
The maximum amount of legal fees reimbursed to the Beneficiary is $2,000.
The eligible Beneficiary will also be reimbursed the $250 Wispact set-up fee.
The grant will be issued to the Beneficiary as a reimbursement to their trust sub-account. This reimbursement will typically occur within the first three months after the Trust’s creation.
Grant Request Procedure. The Creation Subsidy grant must go directly to the Wispact Beneficiary in the form of a reimbursement. The Beneficiary may either request that the original attorney fee be paid from their Wispact Sub-Account, or they may pay for the attorney fee themselves and submit verification to Wispact with their Grant application that the fee was paid with their non-trust funds.
Below is the preferred procedure for redemption of a Wispact Creation Subsidy Grant.
- The Beneficiary, their representative, or attorney should submit the Wispact Creation Subsidy Grant Application (see wispact.org….) This application form will require associated verification in the form of the final legal invoice due to the Beneficiary. Further specific instructions are located on the Creation Subsidy Grant Application.
- Once Wispact receives the Creation Subsidy Grant Application, the request will be logged. When the account has reached the mandatory 30days post-funding, the Beneficiary’s eligibility for the Grant will be evaluated. If eligible, and if all verifying documentation has been submitted, the reimbursement will be issued directly to the Beneficiary’s Wispact sub-account.
Attorneys PLEASE NOTE – the submission of a Creation Fee Grant Application is not the same as a Request for Distribution form for the payment of the attorney fees due from the Beneficiary’s sub-account. The Beneficiary, their legal representatives, or the attorney (with copies sent to, and approval obtained from, the Beneficiary) must submit a separate Request for Distribution form to the Beneficiary’s designated Beneficiary Specialist if they wish for their invoice to be paid from the Beneficiary’s sub-account.
The Creation Fee Grant is a reimbursement to the Beneficiary. Attorney’s fees may not be paid directly to an attorney through a Creation Subsidy Grant. Please plan accordingly.
Once the Application is completed please mail it, along with a copy of the final legal invoice you are requesting the Grant Reimbursement for, to:
226 Corporate Drive
Madison WI 53214
For more information on the Wispact Fund Grant, please contact your Beneficiary Specialist at (608) 268-6006, or you may also contact John Shaw, Retained Fund Grant Coordinator, Phone: 608-268-6006 Ext.204; Email: email@example.com
Applications can be completed and sent to Wispact by the Beneficiary, his or her legal representative, a Wispact trust advisor or a professional staff person from a qualified agency. Download them here.