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...] about Special Needs Planning: Part III of III
Special Needs Planning
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...] about Special Needs Planning: Part II of III
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...] about Special Needs Planning: Part I of III
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...] about Benefits for Disabled Veterans
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...] about Watch out for This Issue if you are a Trustee of a Special Needs Trust!
Special or Supplemental Needs Trusts
A Supplemental Needs Trust, also known as a Special Needs Trust, is an estate planning tool used to allow assets to be held in Trust for the benefit of a physically or mentally challenged individual, or a person with a chronic or acquired illness. This type of Trust allows supplemental and extra care over and above any benefits provided by the government. Why would someone creating an estate plan choose to use a Supplemental Needs Trust rather than simply leaving them money? Assets of an … [Read more...] about Special or Supplemental Needs Trusts
