04-02-2005, 08:34 AM
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 Re: Special Needs Trust "douglee86-taxguy[at]yahoo.com" <douglee86-taxguy[at]yahoo.com> wrote: - quote - > I have seen some discussion here about setting up a Special
No way to know for sure without comparing the trust> Needs Trust. > I have a client who has set one of these up and is making > disbursements from the trust for the needs of her daughter. > The distributions are going directly to the providers, not > to the daughter. My understanding is that no income will > flow through to the daughter with this arrangement. > Can someone confirm for me how to properly report this on a > 1041. I have heard that this is a "non-grantor" trust, but > what kind of trust is it? Do I simply report the income and > expenses and no distributions to the beneficiary? Would the > trust then pay all taxes on the trust income? instrument with the tax code. -- Tom Healy, CPA Boulder, CO Web: http://www.tomhealycpa.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-02-2005, 03:47 AM
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| Special Needs Trust I have seen some discussion here about setting up a Special Needs Trust. I have a client who has set one of these up and is making disbursements from the trust for the needs of her daughter. The distributions are going directly to the providers, not to the daughter. My understanding is that no income will flow through to the daughter with this arrangement. Can someone confirm for me how to properly report this on a 1041. I have heard that this is a "non-grantor" trust, but what kind of trust is it? Do I simply report the income and expenses and no distributions to the beneficiary? Would the trust then pay all taxes on the trust income? Thanks for your help. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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