Understanding the state and local taxes, commonly referred to as SALT, is a crucial aspect of managing Special Needs Trusts (SNTs). The tax obligations of a trust can vary significantly from one state to another, and understanding these differences is key to ensuring compliance and minimizing tax liabilities. In this article, we’ll explore some of … Read more
At BLISS 1041, we believe in the power of clear communication and shared understanding. We know that the world of Special Needs Trusts (SNTs) comes with its own unique language, and we’re here to help you navigate it. As part of our ongoing commitment to serving the special needs community, we’ve put together this comprehensive … Read more
Navigating the filing process for a Special Needs Trusts can feel daunting. One unique requirement to electronically file a return is the Name Control assignment. But what exactly is the Name Control, and why is it crucial to the tax filing process for Special Needs Trusts? What is a Name Control? A Name Control is … Read more
When managing a pooled Special Needs Trust that includes foreign beneficiaries, trustees encounter unique challenges that require careful attention. In this comprehensive guide, we will provide trustees of pooled Special Needs Trusts with valuable insights and strategies to effectively navigate the intricacies of managing foreign beneficiaries. Our primary focus will be on helping trustees understand … Read more
At BLISS 1041, we understand that managing your finances as a beneficiary of a pooled special needs trust can feel overwhelming. One of the challenges you may face is what to do when you receive a 1041 Schedule K-1. This document, while essential for tax purposes, can be complex to navigate. In this comprehensive guide, … Read more
Understanding the Grantor Tax Letter When a Self-Settled or Grantor-Type Special Needs Trust (SNT) generates income, it must provide a Grantor Tax Letter to the beneficiary. A Grantor Tax Letter is a tax document used to report the income, deductions, and credits associated with a trust that you, as the beneficiary, need to report on … Read more
A guide to understanding which expenses are deductible and which are not, as well as how beneficiary disbursements may factor into tax deductions.
This guide will help you prepare for tax season. We cover everything you need to gather and know to be successful.