New York
In order to adequately care for a loved one who has a disability, careful planning is required. Special needs trusts are one financial planning instrument that families of children with special needs should be aware of. Along with providing for their loved one in their estate plan, they also need to think about guardianship and transition planning.
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We can assist your family whether your loved one who has special needs is an adult or a child who was born with them. At Tully Rinckey PLLC, we serve as an advocate for your loved one throughout all stages of his or her life, including ongoing decision-making (guardianship), submitting SSN and Medicaid applications, establishing special needs trusts, and, if you choose, serving as a trustee for your child's assets after your passing. Our trust and estates attorneys have assisted individuals throughout New York State, including Albany, Binghamton, Buffalo, Manhattan, Rochester, Syracuse and Saratoga Springs and many others establish a special needs trusts.
Children and adults with disabilities frequently depend on public assistance, particularly Medicaid and Supplemental Security Income (SSI). Due to the fact that these programs are need-based, they have tight income and resource restrictions.
Families naturally want to help a loved one have a stable future but transferring certain assets to the person will make them ineligible for certain benefits, which might cause a problem. One answer to this issue is special needs trusts.
A person with a disability can have money set aside for them through a special needs trust, often referred to as a supplemental needs trust, without it affecting their capacity to receive government assistance. Similar to other types of trusts, the person who establishes the trust (known as the trustor or grantor) names a trustee who manages money distributions for the beneficiary's benefit (the person with a disability). The funds in the trust do not qualify as resources for SSI and Medicaid since they are not kept in the beneficiary's name.
The terms "special needs trust" and "supplemental needs trust" are frequently used synonymously. Nevertheless, in the state of New York, a special needs trust only refers to a trust established for a handicapped person who already has his or her own assets, whereas a supplemental needs trust is established for a person with disabilities by a third party, such as a parent for such a person.
In either scenario, it is crucial to confirm that the trust complies with the rules of the government programs from which the disabled person is currently receiving benefits or applying for benefits. The special needs person (referred to as the trust beneficiary) risked losing their government support if the trust did not adhere to these rules.
It can feel stressful to plan for your child's future, but you don't have to take on these responsibilities by yourself. In reality, enlisting legal counsel is the wisest course of action. When you consult with a special needs planning lawyer from Tully Rinckey, we will take the time to learn about your family's future aspirations as well as the needs of your child. We'll make sure you're aware of your alternatives for achieving those objectives and assist you in setting up the required resources. We are eager to work with you to lay a solid foundation for the future of your child.
Please don’t hesitate to get in touch with the special needs planning attorneys at Tully Rinckey if you have any questions or concerns about matters relating to special needs planning.
To schedule an initial consultation with a member of our experienced team, contact us 24 hours a day, 7 days a week, at 8885294543 or info@tullylegal.com. You can also book your consultation online via the link below.
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