Income Tax on Special Needs Trust

We are often asked about taxes for a self-settled special needs trust. Lets assume that the client, Jon, is receiving Medicaid and SSI in Florida. Lets also pretend that Jon is getting a large personal injury settlement. So, Jon’s personal injury attorney is knowledgeable enough to call a Special Needs Trust (SNT) attorney to meet with Jon and explain why he needs a SNT. Jon establishes the self settled trust and enjoys the benefits of his settlement without losing his Medicaid or SSI. The self-settled special needs trust has another name: it is also a “grantor” trust. That term really only has meaning for U.S. federal income tax purposes, but that’s a pretty important purpose and so the ter

Prevent Family Feuds in an Estate Plan

Celebrity estate battles frequently make our headlines, but unfortunately such feuds are too often a reality for the typical American family as well. As complex family structures become more and more common, estate planners need to incorporate measures that can help prevent conflict among family members that crops up after the client’s death. A new report by BMO Wealth Management reveals that having open conversations with heirs about your estate plan is one way to help reduce potential conflict in the future. Other action steps suggested by the report are outlined below as well. Complex Family Dynamics When second spouses, stepchildren and adopted children are in the equation, the potential

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North Miami Beach, Florida