Special Needs Trust Massachusetts Withholding
Description
How to fill out Special Needs Irrevocable Trust Agreement For Benefit Of Disabled Child Of Trustor?
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FAQ
In general, income received by trustees of trusts subject to the taxing jurisdiction of Massachusetts is subject to similar exemptions, deductions and credits, and the same rates of taxation as though received by an individual subject to taxation in Massachusetts.
A special needs trust is a valuable tool for individuals receiving Medicaid or Supplemental Security Income (SSI). It allows for the payment of various necessary expenses on behalf of the beneficiary, with the exception of food and shelter costs.
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).
Practically, with most smaller trusts, there's no real difference in the tax treatment of the two types of trusts, since they use all their annual income for the benefit of the individual with special needs. But the difference can be significant with respect to larger trusts.