On Demand Audio

Taxation of Supplemental Needs Trust: A Federal Perspective

(711 reviews)

Produced on November 04, 2015

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Course Information

Time 61 minutes
Difficulty Intermediate

Course Description

A supplemental needs trust (“SNT”) is an irrevocable trust created for an individual with a disability that provides him or her a pool of money to enrich their life while at the same time preserving their eligibility for “means-tested” benefits such as Medicaid and Supplemental Security Income.  

 

This is an intermediate program, presented by attorney George Gray, designed to provide a general overview of issues and strategies related to the federal income taxation of an SNT. Mr. Gray explores the various definitions of “income” and their effect on the beneficiary of an SNT; the federal income taxation of trusts in general and SNTs in particular; including need for a tax identification number, “qualified disability trust” status, and the “grantor” trust rules.  

 

This program will be most useful to attorneys who have a general knowledge of the creation, use and administration of an SNT but only limited familiarity with federal income tax rules in general or the taxation of trusts in particular. Mr. Gray is the author of a book entitled Special Needs Planning: A Simple Guide to Families in New York with a Loved One with a Disability, which was published by Graylake Publishing in October 2014.

 

Learning Objectives:

I.     Grasp three definitions of “income” and their varying effect on an SNT beneficiary

II.    Know when and how to get a tax identification number for an SNT

III.   Understand an SNT’s status as a “qualified disability trust”

IV.   Recognize the impact of the “grantor” trust rules on SNT’s

Credit Information

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Faculty

George Gray

Gray & Feldman LLP

George Gray is a partner in the law firm of Gray & Feldman LLP, where his practice concentrates in the areas of estate planning, and business and tax law. He has advised clients on the legal and tax aspects of choice of entity and the use of trusts and “pass-through” entities for estate planning purposes. Through his long association with the Norman Howard School Foundation and the Learning Disabilities Association in Rochester, New York, Mr. Gray has develpoed an expertise in advising families of persons with a disability on the establishment and operation of Special Needs Trusts. Mr. Gray has made presentations on a variety of business, tax and estate planning topics throughout western and central New York State. He is a member of the Monroe County and the New York State bar associations and is active in the Tax and Trust and Estate sections of those associations. Mr. Gray is a graduate of Hamilton College and Albany Law School of Union University.



Reviews

KH
Kenneth h.

Good information

JV
James V.

Complex trust tax law explained in great detail.

MS
Marybeth Pascale S.

Good speaker

OL
Opal L.

Excellent

MP
Marc P.

Great piece

EG
Edwin G.

Interesting survey of some of the salient considerations when managing a special needs trust.

RD
Rita D.

Excellent presentation! One I would listen to again.

AP
Albert P P.

This speaker always nails the subject. Very good program; makes the difficulty go away.

TF
Thomas F.

very good

MB
Michelle B.

Informative

SF
Stephen F.

excellent course

NB
nicole b.

Great job on complex materials.

DS
Donald S.

Good presentation.

MC
michael c.

The speaker knows his topic. I would hire him.

MH
Mike H.

good information

MF
melvin f.

Need more time, very complex subject matter, and very important issues explored.

VP
Vijay P.

Moved a little fast but great presentation.

SC
Stephen C.

very informative

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