SPECIAL NEEDS IN NEW YORK
PROPER CARE FOR LOVED ONES WITH SPECIAL NEEDS
Supplemental Needs Trusts are a critical component of your estate plan if you have a special needs child or other special needs beneficiary. With proper planning, you can help ensure your child’s financial future and support to live comfortably, while at the same time you may preserve eligibility for government benefits.
There are a number of government benefit programs designed to help support individuals with disabilities, including Social Security Disability Insurance (“SSDI”), Supplemental Security Income (“SSI”) and Medicaid. Beneficiaries receiving SSI and Medicaid may only retain a certain amount of assets. If a beneficiary receives excess funds, he or she may lose public benefits or the benefits may be reduced. A supplemental needs trust may supplement public benefits by paying for extra items that are not covered by Medicaid or SSI to enhance a beneficiary’s quality of life.
There are different types of trust that can be used to provide for and protect disabled people: a third party supplemental needs trust, a self-settled payback trust and a pooled trust.
Our law firm can assist in preparing supplemental needs trusts, provide guidance in selecting a trustee, identify and apply for available government benefits such as Medicare, Medicaid, SSDI and SSI, and coordinate estate planning efforts to enhance and enrich the life of a person with special needs.
Find out more about the supplemental needs planning services that we offer by calling (516) 487-5400 today!