Special Trust Requirements
Description
How to fill out Special Needs Irrevocable Trust Agreement For Benefit Of Disabled Child Of Trustor?
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FAQ
The trustee works in very close contact with the beneficiary and/or their caregiver to manage the trust and its financial distributions to pay for these things. The main takeaway regarding distribution of SNT funds is this: The beneficiary never sees the money directly, but the money is used to pay for their needs.
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).
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).
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.
The Trustee simply transfers all assets to the beneficiary. Distribution is also fairly easy if the trust document identifies all assets and specific amounts to be paid to each beneficiary. Distributions by percentages are a little more complicated as the Trustee should first establish the estate's fair market value.