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Special Needs Trusts

  • 1.  Special Needs Trusts

    Posted 07-12-2019 11:30

    Does anyone here handle Special Needs Trusts?

     

    Best Regards,

    Eileen

    Eileen Dunn, CPA

    President

    Eileen Dunn, CPA P.C.

    150 Corporate Plaza

    Islandia, NY 11749

    phone: (631) 582-4259

    fax: (631) 582-4549

     

    Growth...Planning...Attaining Success.

             We'll get you there.



  • 2.  RE: Special Needs Trusts

    Posted 07-13-2019 14:39
    I have done a couple, what is the question?

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    Paul Sadej
    CPA
    PAUL J. SADEJ JR., CPA PC
    Bellmore NY
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  • 3.  RE: Special Needs Trusts

    Platinum Most Valuable Member
    Posted 07-13-2019 16:11
    Eileen:

    When you handle, what are you looking for, exactly?

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    Robert Brown
    ROBERT N. BROWN, CPA
    Jericho NY
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  • 4.  RE: Special Needs Trusts

    Posted 07-17-2019 09:50
    Thanks for all the responses! Here is my question:

    Special Needs Trusts are taxable at a very low threshold $100 and the tax rates are less generous than individual rates. Income can't be distributed to the beneficiary because it will affect their services and eligibility for medicaid which pays for the services.  

    Able accounts are nice but there is a medicaid clawback when the disabled person passes away. Seeing some states are removing the medicaid clawback, and I believe we can invest in any state, is the Able account better for up to $100,000?

    From disability scoop, "At least nine states - Pennsylvania, Kansas, Illinois, Oregon, Maryland, California, West Virginia, Arkansas and Florida - have passed legislation eliminating the ability of their Medicaid programs to claim funds remaining in ABLE accounts of people with disabilities who have died."

    So do you advise your clients to do a SNT or Able? Perhaps both if the client is wealthy?

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    Eileen Dunn CPA
    Islandia NY
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  • 5.  RE: Special Needs Trusts

    Platinum Most Valuable Member
    Posted 07-17-2019 10:29
    Eileen:

    it usually on a case by case basis, however, I usually rely on legal counsel, and of course, invest in a tax efficient matter.

    Just so you know, we will be doing a "Needs Forum" on the evening of September 5th in Woodbury. Are speakers are a special needs attorney, a special education attorney, and an elder care attorney.

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    Robert Brown
    ROBERT N. BROWN, CPA
    Jericho NY
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