Where can I find help understanding the legal, tax and practical consequence of establishing an account with the Maine Trust for People with Disabilities?
It is highly recommended that you work with an attorney to review the Trust documents, including the Joinder Agreement, before you open an account with the Trust. Depending on your tax and financial situation, opening an account may have tax or other consequences to you, your family or the disabled individual who will be the beneficiary of the account. The account you set up with the Maine Trust for People with Disabilities will be subject to federal and state income taxes. It is especially important to understand that amounts contributed to a Trust account for a disabled individual do not qualify for a charitable income tax or charitable estate tax deduction. In addition, such contributions do not qualify for the annual gift tax exclusion because such contributions are not so-called “present interest” gifts under federal law. The Maine Trust for People with Disabilities is supported by various non-profit agencies throughout the State of Maine. Designated staff members of each supporti
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- My attorney or tax advisor has never heard of a Private Annuity Trust or has heard of it and doesn think it is legal. How can they be assured that it is a legitimate Estate Planning strategy?
- I already have trusted financial, legal and tax counsel. How can Broad Street help me?
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