Planning for the long-term care of a child with special needs is of vital importance to special needs parents. National Estate Planning Awareness Week is October 19 -25, 2020. Now is the perfect time to plan for your child's medical, educational, housing and guardianship by creating a New York Special Needs Trust that keeps them eligible for government benefits.
Due to strong client demand, special needs attorney Adam Dayan and the Law Offices of Adam Dayan will be offering special needs trusts and select estate planning services to help our clients plan for the long-term care of their special needs children.
What Is A Special Needs Trust?
Parents who want to provide for the future of their special needs child need to take special care to not accidentally jeopardize their children’s eligibility for government benefits including Supplemental Security Income (SSI), Medicaid and other public assistance because of an inheritance.
A special needs trust (SNT), also known as a supplemental needs trust, is a special type of trust governed under Federal statute and New York State laws that allow a trustee to manage funds for the benefit of a person with a disability while preserving that person's eligibility for government benefits. The funds from an SNT can be used to provide a home for the beneficiary, and to provide things that are not covered under Medicaid including
Our Special Needs Trust Division will help you:
Ensure your child is taken care of well into the future when you are not there to take care of your child yourself.
Continue your child's eligibility for any government benefits he/she may be receiving including Supplemental Security Income (SSI) and Medicaid.
Give your loved one access to additional funds to supplement his/her needs, and appoint a trustee to ensure the trust assets are properly administered.
There are three different types of special needs trusts under NY state law:
First party special needs trust A first party SNT is funded with assets owned by the trust beneficiary.
Pooled special needs trust Pooled trusts are established and managed by nonprofit organizations, and is also funded with assets that are owned by the trust beneficiary.
Third party supplemental needs trust Third party SNTs are a good estate planning option for parents, family and friends to leave an inheritance to an individual with disabilities.
As a special needs attorney, we will work with you to make sure that the appropriate SNT has been set up for your child to protect their benefits and quality of life.
Do you need to plan for the long-term care of your special needs child? Please call us today at (646) 866-7157 for a consultation.