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How to Title Benefit Account for Medical Expenses

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Question: 
We have someone who would like to open a benefit account for someone with large medical expenses from cancer. How should this account be titled?
Answer: 

For information reporting purposes, the account title needs to begin with the individual's name and carry his SSN. It should be supported by a W-9 or its equivalent executed by him or a person empowered to sign it on his behalf. If it is going to be used to pay his bills then it is his money.

Do not be associated with assertions that contributions are tax deductible; they very definitely are not.

This article addresses all of the other issues you should consider.

First published on 01/27/2014

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