daughtersrus
DIS Veteran
- Joined
- Feb 26, 2002
- Messages
- 6,658
For accountants out here, can you tell me what is involved in filing taxes for a "Special Needs Trust"?
I posted a while back about a settlement that we were getting from the school district for an injury that they caused to my daughter. Because she is disabled, we put the money into a special needs trust to protect her ability to qualify for government programs when she is older.
The money was put into a CD and a Money Market account at our local bank. Instead of a SS#, the account was opened under a Tax ID# for the trust.
I also have my own daycare business so I've had my taxes done by an account for many years. He has now retired and the people taking over his business raised their fees by almost 200%!
I always to the number crunching myself and the plug the numbers in. I was planning on doing them myself this year but now that this trust fund has come along, if I need to go to the accountants for that, should I have them do our personal and business forms as well? How hard would it be to do the taxes for the trust? We deposited the money in the bank right before Christmas and the only transaction may be some interest on the Money Market account. We have not withdrawn or deposited anything else.
Any suggestions?
I posted a while back about a settlement that we were getting from the school district for an injury that they caused to my daughter. Because she is disabled, we put the money into a special needs trust to protect her ability to qualify for government programs when she is older.
The money was put into a CD and a Money Market account at our local bank. Instead of a SS#, the account was opened under a Tax ID# for the trust.
I also have my own daycare business so I've had my taxes done by an account for many years. He has now retired and the people taking over his business raised their fees by almost 200%!
I always to the number crunching myself and the plug the numbers in. I was planning on doing them myself this year but now that this trust fund has come along, if I need to go to the accountants for that, should I have them do our personal and business forms as well? How hard would it be to do the taxes for the trust? We deposited the money in the bank right before Christmas and the only transaction may be some interest on the Money Market account. We have not withdrawn or deposited anything else.
Any suggestions?
