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The Virginia Department of Behavioral Health and Developmental Services (DBHDS) is a state agency of the Commonwealth of Virginia.The department operates Virginia's public mental health, intellectual disability, and substance abuse services system through a system of forty locally and regionally run community services boards (CSBs) and twelve state-operated facilities [1] which serve children ...
[1] [2] A Special Needs Trust is a specific type of irrevocable trust that exists under Common Law. Several Common Law nations have established specific statutes relative to the creation and use of Special Needs Trusts, and where they exist a Special Needs Trust will not be valid unless it comports with the requirements listed in the statute.
Supplemental needs trust is a US-specific term for a type of special needs trust (an internationally recognized term). [1] Supplemental needs trusts are compliant with provisions of US state and federal law and are designed to provide benefits to, and protect the assets of, individuals with physical, psychiatric, or intellectual disabilities, and still allow such persons to be qualified for ...
The Virginia Code Commission undertook the recodification of Title 63.1 in 2000 noting that such title had last been recodified in 1968 and during the intervening 34 years, "much has happened to affect laws governing social services programs and the two disability programs".
The Virginia Department for Aging and Rehabilitative Services is the executive branch agency of the state government responsible for vocational rehabilitation, supportive services, and aging/disability services in the state of Virginia in the United States.
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Once the trust is funded, typically the asset is sold and invested in a more diversified investment portfolio that can provide income or liquid securities to provide an "annuity" to one or two individual persons, based on a set percentage provided for under the trust instrument and under IRS regulations. The annuity can be set for a certain ...
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