Definition

An irrevocable trust is a separate legal entity. It is evidenced by a written trust document that outlines the terms and conditions of the trust, names the trustees, and names the beneficiaries. Once the trust is established it cannot be amended. 

The Co-Trustee Acknowledgement Form is required for trusts with 2 or more trustees. This form acknowledges that the co-trustees are aware the account indicates any one of the authorized trustees may write checks or withdraw money from the account. 

A Qualified Income Trust (QIT) account is an irrevocable trust. The trustee is the authorized signer on the account. If an individual's income is over the limit to qualify for Medicaid long-term care services (including nursing home care), a QIT allows the individual to become eligible by placing income into an account each month that is needed for Medicaid. The QIT involves a written agreement, setting up a special account and making deposits into the account.

A fund account is an account where solicited contributions are deposited on behalf of a named individual. The fund must be established as an irrevocable trust, as detailed above. The bank acts as a depository only, not as an agent for the fund account. If the trustee places a local newspaper ad, deposits must be mailed to the trustee’s address or post office box. Contribution deposits may only be made by the trustee.

Required Documentation to Open Account

ALL legal documents for irrevocable trust or qualified income trust accounts MUST be reviewed by Call Me Direct (CMD) for approval before proceeding with opening or revising an account.

1. Scan and email all documents to _Call Me Direct to review.
2. Call Me Direct reviews the documents and takes one of the following actions:
   • Approves the account opening or change
     • If the documents are approved, CMD completes a Document Review Coversheet and emails the associate opening/revising the account.  
     • The Document Review Coversheet from CMD MUST be imaged with account documents. 
   • Denies the account opening or change

Obtain the following documents: 

This form acknowledges that the co-trustees are aware the account indicates any one of the authorized trustees may write checks or withdraw money from the account.

Tax Identification Number (TIN)

The irrevocable trust must have a TIN to use for IRS reporting.

Account Titling

Title the account in the name of the trust. The trustee’s name(s) must also be listed in the account title. 

Ownership Requirements

Note: Successor trustees sign only in the event they assume the role of trustee.

• Trustees are the only signers on the signature card
• A signature card with the trustees' signatures above their names in the Signatures section  
• Trustees' verification of the information under the Backup Withholding Certifications section, certifying the TIN of the trust

Signature Card Examples

Irrevocable Trust

Qualified Income Trust - SSN of Grantor

 

Relationship Codes