Special Needs Trust In Georgia
Description
How to fill out Trust Agreement - Family Special Needs?
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FAQ
That way, they can still use government benefits in addition to their own money. The estimated cost of starting a special needs trust in Georgia is between $2,000 and $3,000. This will ensure your loved one can still receive program benefits.
A Special Needs Trust must have its own Federal Identification Number (also called an Employer Identification Number, EIN, Tax Identification Number, or TIN) to be valid. This unique number means that the Trust is its own entity, and that it does not belong to anyone but itself.
Whether or not you need an EIN for a trust depends on the type of trust. Generally, grantor revocable trusts do not need an EIN. Any income taxes from a revocable trust is reported via the grantor's SSN since the grantor can revoke the trust at any time and regain possession of the property.
In these circumstances, the Form 1041 is very simple to complete. The trustee will check the box on Form 1041 indicating that the trust is a grantor trust and provide some general information about the trust (name, address, tax identification number, and the date the trust was established).
It should be created and funded by a third party, such as a parent or grandparent. The disabled beneficiary should not create the trust or fund it with his personal assets. An independent trustee should be chosen to administer the trust.