Special Needs Trust Requirements With Ira
Description
How to fill out Supplemental Needs Trust For Third Party - Disabled Beneficiary?
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FAQ
In the case of third party special needs trusts, if the trust is considered a grantor trust, all items of income, deduction and credit are generally taxed to the individual(s) who created and funded the trust (typically parents or other relatives of the individual with a disability).
You cannot put your individual retirement account (IRA) in a trust while you are living. You can, however, name a trust as the beneficiary of your IRA and dictate how the assets are to be handled after your death. This applies to all types of IRAs, including traditional, Roth, SEP, and SIMPLE IRAs.
You could leave ½ of the IRA to a SNT as long as the SNT meets the criteria. If a SNT is named, it cannot have a charity as a remainder beneficiary because a charity is not considered a ?life in being?.
Due to the tax-free nature of a Roth IRA, they also serve as an attractive source of funding for special needs trusts. When coordinated properly, the distributions from a Roth IRA can accumulate and be disbursed tax-free from a special needs trust.
You could leave ½ of the IRA to a SNT as long as the SNT meets the criteria. If a SNT is named, it cannot have a charity as a remainder beneficiary because a charity is not considered a ?life in being?.