First Party Supplemental Needs Trust With Trust
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FAQ
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).
Using a first party SNT will not affect any benefits a person receives that are not based on an income limitation or resource level. The beneficiary can work with a special needs attorney to set up the trust and appoint someone, called the trustee, to hold the money on his or her half.
A Supplemental Needs Trust (SNT) is a special kind of trust. The SNT allows a person who is certified as disabled to get government benefits, such as Medicaid. Under Medicaid law, a person with a disabil- ity is not eligible for Medicaid if they have too much money or savings (?excess resources?).
Third-party SNTs are generally considered either ?complex trusts? or ?qualified disability trusts? for income tax purposes. The SNT itself is responsible for reporting its own items of income, deduction and credit.
Cons of Special Needs Trusts The trust must be maintained, and yearly management costs can be high. Depending on who manages the fund, there may be a minimum amount required to set up the trust. It may be financially difficult for the settlor to actually establish the trust, depending upon their circumstances.