When you are planning your estate, you should discuss everything in detail with an estate planning attorney, because you can make mistakes that have unintended negative consequences. Your financial situation and the nature of your intentions will definitely be part of the equation. It is also important to consider the life situation of the people that are on your inheritance list.With this in mind, we will look at the value of special needs planning in this blog post.People With … [Read more...]
What Is the Difference Between SSI and SSDI?
Some of the acronyms that are used to describe government benefit programs are confusing, because there are overlapping terms, and we endeavor to clear up this confusion from time to time on our blog. With this in mind, we will look at the differences between SSI and SSDI in this blog post.Social Security Disability InsuranceWhen you are working throughout your life, you see a FICA deduction when you receive your pay statement. This tax can seem like a constant drain on your resources, … [Read more...]
Can I Protect My Injury Settlement With a Special Needs Trust?
People with disabilities are often incapable of earning much income, so they qualify for need-based government benefit programs. Medicaid is a government run health insurance program that is jointly administered by the federal government along with the state government. It is potentially available to people who can prove that they have a significant level of financial need, and Supplemental Security Income can act as a source of support for disabled individuals with limited resources.Once … [Read more...]
What Is a First Party Special Needs Trust?
A first party special needs trust is a type of legal structure that can be used to benefit a person with a disability who is enrolled in government benefit programs. Many people with disabilities rely on Medicaid as a source of health insurance, and Supplemental Security Income can provide the basic necessities.Since these programs are intended for people with financial need, you have to be able to prove that you have limited resources in your own name if you want to qualify. People with … [Read more...]
Special Needs Planning in Rochester NY: Key Mistakes to Avoid
For parents of special needs children, developing a special needs plan is one of the best things you can do for you and your child. Special needs planning in Rochester NY, like estate planning, is not a single set of tools that applies to everyone in all situations. Instead, developing a special needs plan requires you to evaluate your options in light of your current circumstances and your goals. Every special needs plan needs to be crafted to fit your circumstances.Though your estate … [Read more...]
Special Needs Planning: Part III of III
Your estate planning attorney can help you draft a special needs trust for the benefit of your special needs child or other family member. After you select a trusted individual that will serve as your trustee, you need to make sure your special needs trust complies with New York State law.Your attorney must make sure that the trustee will use your assets within your special needs trust only for a limited purpose. Because you may not want your special needs trust property to pay for necessary … [Read more...]
Special Needs Planning: Part II of III
Why would you want to draft a special needs trust for your disabled child? By creating a special needs trust or supplemental needs trust, you may be able to ensure that your dependent child or family member is able to avoid becoming inadvertently disqualified from receiving financial support from the state and federal governments. In other words, by creating a special needs trust, you can help your special needs child or family member continue receiving monetary and medical government benefits … [Read more...]
Special Needs Planning: Part I of III
Special needs planning is often a part of a parent or other family member’s estate planning considerations. To ensure that you make adequate financial arrangements through proper estate planning to protect your loved ones with special needs, you may need to draft special estate planning documents. Because of the legal nuances involved in estate planning, setting up a time to discuss your estate plans with our office may be a wise investment.Setting up a special needs trust may be necessary … [Read more...]
Benefits for Disabled Veterans
Although many of the benefits that are available for disabled veterans are for those that sustained service-related injuries that led to a disability, there are benefits available for veterans with non-service related disabilities. One of those programs that are available for veterans with non-service related disabilities is the Aid and Attendance Benefit Program.The Aid and Attendance Benefit Program is for those that are disabled, but wish to remain in their own home. In many cases, the … [Read more...]
Watch out for This Issue if you are a Trustee of a Special Needs Trust!
Did you know that April is Autism Awareness Month? While awareness of Autism and its challenges continues to increase, we need to also take a moment to focus on the estate planning challenges the families of those with Autism are facing.A special needs trust is a powerful estate planning tool for a family with an Autistic child. Funds are held by a trust and managed and distributed by a Trustee for the child’s needs without disrupting the public benefits they may require. But the Trustee … [Read more...]
