Special Needs Trusts

We Help You Design A Personalized Special Needs Trust!

Request a Consultation

"*" indicates required fields

Does Your Child Have Special Needs?

What Will Happen To Them If Something Happens To You?

Creating A Trust Now Can Give You Peace Of Mind For The Future.

We Help You Design A Personalized Special Needs Trust!

Trust The Law Offices Of Adam Dayan! Call Our New York Firm For A Complimentary Consultation.

If you have a child with disabilities who counts on you to care for them (either financially or physically, or both!), now is the time to start thinking about their future. It can be challenging and exhausting just to manage all the logistics you are in charge of in the present; caring for a kid who has special needs is a full-time job! This makes it more difficult – but all the more important – to plan ahead.

If you are the primary caregiver (or provider) and something happens to you – you are injured in an accident, you suffer from a medical illness, or you pass away unexpectedly – you need to make sure that they will be able to live comfortably and have access to the benefits, education, and care they need! This is particularly critical if they are not expected to be able to live independently during their lifetimes.

Securing assets in a special needs trust, which is designed specifically for dependents with disabilities, is the best way to ensure that they will be okay, no matter what the future holds. Our New York special needs trust lawyers bring 15 years of experience in this niche of law to the table. We can help you construct a custom trust that will address all of you and your loved one’s unique needs! Call our firm today to schedule a complimentary consultation and learn more.

What Is A Special Needs Trust?

A special needs trust is a legal entity and fiduciary relationship that protects assets for the benefit of someone with disabilities. The assets in the trust are not technically owned under their name, so they won’t disqualify them from public assistance (like Social Security or Medicaid). Also, a special needs trust is irrevocable, meaning that neither creditors nor lawsuits can touch what’s inside.

Your child will be able to use the assets in the trust to cover medical expenses, payments for caretakers, transportation costs, and more. You can designate a trustee to manage the assets for the benefit of your loved one (and they will be legally obligated to do so).

There are two main types of special needs trusts:

First-party special needs trusts – These are trusts funded with assets that belong to the beneficiary (like a retirement plan, a personal injury award, or something of that nature). These trusts are subject to “payback” rules that require the state to be reimbursed for certain expenses, usually medical, after the trust beneficiary dies.

Third-party special needs trusts – Also known as supplemental needs trusts, these trusts are funded with assets that do not belong to the beneficiary with special needs (gifts, life insurance policies, etc.). These are not subject to payback rules in most cases.

Our special needs trust lawyers at The Law Offices of Adam Dayan can answer your questions and help you determine which trust (or both) is right for your family.

Why Do You Need One?

It’s not enough to simply leave all of your money and possessions behind to your disabled child in a will (this is a well-intentioned, but actually really bad, idea).

For one thing, your loved one may not have the capacity to manage those assets wisely, or at all. Giving them an inheritance leaves them vulnerable to others who may want financial gain over their well-being. For another, wills have to go through probate – an expensive, complicated court process that can take months or years to resolve (in the meantime, preventing your loved one from accessing any of your money and possessions left to them in the will).

Also, you have to consider their eligibility for government benefits, such as Medicaid. Many important financial aid systems and programs are needs-based. If you gift them an inheritance, you could accidentally disqualify them from receiving these benefits at all, and your inheritance may not be enough to sustain their significant financial needs their whole life.

Call Our Special Needs Trust Lawyers Today!

The Law Offices of Adam Dayan can safeguard your child’s future so you can focus on giving them the best quality of life in the present. We bring a wealth of knowledge regarding both trusts and special needs law that can give you confidence in your trust! Our New York team is here to help. Don’t wait until it’s too late. Schedule a complimentary consultation with our empathetic legal team today!

Request a Consultation

"*" indicates required fields