Q: What administrative procedures, if any, are required for closing a Third Party Special Needs Trust.
The primary beneficiary for which the trust was established is deceased. All debts and liens against the trust are satisfied. The trust directs distribution of assets to four remaining beneficiaries and all assets have been distributed according to the trust's instructions to them.
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A: Normally you would get a receipt for final distribution and acceptance of final account from each of the ultimate beneficiaries and arrange for the filing of the trust's final tax return and close any trust bank accounts that had been opened.
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