This program will discuss how to apply US Tax Code to the various types of Special Needs Trusts, including First Party, Third Party, and Qualified Disability Trusts. It will further explain how different filings can impact the trust's tax liability and the benefits of the disabled individual they are set up for. Finally the program will discuss how to advise trustees on minimizing their personal liability, how to protect the disabled beneficiary's Medicare benefits, and how to use ABLE accounts to supplement their income.
Objectives:
1) Understand the types of SNTs and their filing requirements
2) Learn strategies to reduce the Trust's income tax liability
3) Know how to avoid personal liability (for trustee) when there is caregiver payroll tax
4) Learn how to combine an SNT and an ABLE account for the maximum benefit of a disabled beneficiary
Ms. Kosnik has worked in public accounting since 1996. She opened her Metro Detroit firm, BBTA Tax Advisors, Inc. in 2001. She has taught continuing education with the National Tax Practice Institute (NTPI) and has completed a rigorous three year...
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