Special Needs Trust In New York
NY Special Needs Planning is the NY estate planning that is needed for those who have special needs and suffer from certain disabilities which qualify them for disability benefits from the government in the form of Social Security income or Social Security Disability and/or Medicaid benefits.
Special needs planning is a sub-section of estate planning and most estate planning lawyers and attorneys in New York are familiar with how to set up a special needs trust.
If a loved one is disabled and is receiving such government benefits, they cannot inherit outright or have assets in their name and still maintain their government benefits including SSI payments or Medicaid.
Therefore, if you have a loved one that is disabled and is receiving governmental benefits, you should have a Special Needs Trust created or established in your estate plan for that disabled person so that their inheritance won’t disqualify them from receiving their government benefits.
Estate planning for families with loved ones who have special needs require attorneys who are well versed and experienced with Medicaid laws and eligibility requirements and Social Security Disability benefits. Contact our special needs planning attorneys today who can help you with estate planning, NY probate, Medicaid planning, as well as set up wills and trusts. Our New York estate planning attorneys can help you with elder law, probate, estate administration, estate litigation, Medicaid applications, wills and trusts, living trusts, and special needs planning. We understand how to handle elder abuse, or nursing home accidents in Staten Island, New York, Brooklyn, Bronx, White Plains, Garden City, Melville, NY. We have been helping clients for well over a decade in these areas. To speak to our lawyers, give us a call today at (718) 475-9639.
A Special Needs Trust Is Generally Set Up By A Parent For Their Child
A Special Needs Trust can be set up by a parent for a child at in their Last Will & Testament or it can be created prior to death with a Living Special Needs Trust.
The assets are held in trust for the benefit of the person with special needs so that these funds are separate and apart from their own private assets which would allow them to continue to receive their government benefits such as Social Security payments and Medicaid.
In a Special Needs Trust you can appoint a Trustee, a trustee is a person who will be responsible to manage that disabled person’s assets. They would generally have the ability to use the funds in the special needs trust to benefit the person who is disabled. The funds in the special needs trust could be used to provide for and pay for the items of the disabled person so that they are not limited in what they can have, and they would still continue to receive Medicaid and social security benefits. The special needs trust would hold these assets so that the individual with special needs would not be over resourced with assets which would cause them to lose their governmental benefits.
This is a way for individuals to provide for a loved one with special needs from and still have them collect disability benefits and receive Medicaid.
Leaving An Inheritance Without A Special Needs Trust Would Result In Loss Of Government Benefits
Whereas, if a person left an inheritance outright to a person with special needs without being placed into a special needs trust, that person with special needs would lose those government benefits, which is not something you would want to do.
That is why it is very important if you wish to leave or create an inheritance for a loved one who is disabled or has special needs, that NY special needs estate planning be done by the Law Offices of Michael Camporeale, because we are a firm well versed and experienced in NY estate planning for individuals with special needs who are receiving Medicaid and Social Security disability payments and/or other governmental benefits which should not be lost if the proper estate and Medicaid planning is done.
If you are located in the New York City area, Westchester, White Plains, Long Island, Manhattan Queens, Bronx, Brooklyn or Staten Island, the experienced NY special needs estate planning lawyers at the Law Offices of Michael Camporeale will make sure your estate plan allows that loved one who special needs and who is on Medicaid and/or disability can have an inheritance and be provided for and still keep their government benefits including Medicaid and Social Security disability.
The NY special needs estate planning lawyer at the Law Offices of Michael Camporeale have been helping families with special needs develop an estate plan which allows for families to provide for and leave an inheritance for a disabled person without them losing their government benefits for well over a decade. Whether you are looking for an estate planning lawyer, an estate planning attorney, an elder law lawyer, an elder law attorney in NY, or need to set up a special needs trust in New York, trust The Law Offices Of Michael Camporeale P.C. in New York to take care of all your needs. We have been helping clients for more than a decade in Staten Island, New York, Brooklyn, Bronx, White Plains, Garden City, Melville, NY
For more information on Special Needs Trust In New York, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (718) 475-9639 today.
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