Creation Fee Grant
The Wispact Board of Directors has approved an expanded Creation Fee Grant Program. 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 application fee. Please see eligibility criteria and Creation Fee Grant Program procedure outlined below:
Eligibility: Any current Wispact sub-account beneficiary that creates and funds a trust account in 2020, 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 Creation 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.
– $250 Wispact application fee.
The legal fees portion of the Grant may also be requested as a direct payment to the creating attorney’s office. If the $250 is advanced by the creating attorney’s office and such is indicated in the legal invoice, the $250 may also be paid directly to the creating attorney’s office.
Grant Request Procedure. The Creation Fee Grant no longer must go directly to the Beneficiary’s Sub-Account in the form of a reimbursement; the Beneficiary or their creating attorney may request that the original attorney fee be paid from the Beneficiary’s Sub-Account or from the Creation Fee Grant as a direct payment, or the Beneficiary 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 Fee Grant.
- The Beneficiary, their representative, or attorney should submit the Wispact Creation Fee Grant Application. 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 30 days 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.
Attorneys PLEASE NOTE – the submission of a Creation Fee Grant Application indicated as a Beneficiary Sub-Account reimbursement 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. Please be sure to only request payment from one source.
Once the Application is completed please mail it, along with a copy of the final legal invoice for which you are requesting the Grant Reimbursement, to:
c/o Legal Department
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 Matthew Chang, Associate General Counsel, Phone: 608-268-6006 Ext.214; 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.