With proper documentation, many expenses qualify as medical deductions. Likewise, Special Needs Trusts and ABLE accounts have unique taxation rules. This episode is two in one with the first half covering how to get documentation necessary to cover medical deductions not commonly considered. The second half of the show discusses the taxation of Special Needs Trusts and ABLE accounts as well as the taxation of SSI and SSDI payments.
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The Trustee of a Special Needs Trust has an incredible amount power over the distribution of funds for the individual with disabilities. Not only must they act in the best interests of the beneficiary with special needs but the trustee’s job must be done flawlessly because mistakes could result in the loss of benefits for the person with disabilities. In this episode we learn how to choose and train the trustee of our special needs trusts.
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