Will a Contribution to an SNT Qualify for the Gift Tax Exclusion?
Does a gift of $14,000 this year to a special needs trust (SNT) qualify for the annual gift tax exclusion?Read more
Not from a public benefits perspective. A person is entitled to have any number of SNTs. However, from a practical standpoint it could be messy, especially if the trusts are run by different people and these people do not get along. For example, if the beneficiary needs a cell phone bill paid, which trust will agree to pay it? Will one trustee decide not to make any payments until the other trust is terminated? However, if the trustees get along and work on a budget together, it should work fine.
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