New York Special Needs Trusts Lawyer
New York Special Needs Trusts Lawyer - Special Needs Trust Attorneys - Special Needs Trust Lawyer
Special needs trusts (also known as supplemental need trusts) are an important tool for planning for your child’s future in NY. In a special needs trust, a trustee will manage the funds for the beneficiary. Because the fund payout isn’t considered income, the fund can benefit the disabled child or adult, but that person will continue to qualify for public benefits, such as Medicaid. A special needs trust is a valuable tool that, when used wisely, can help ensure a high standard and great quality of life for your special needs child or loved one. For more than 20 years, Matus Law Group attorneys have helped parents set up trust funds and supplemental needs trust funds. To speak with an experienced New York City special needs trust lawyer us call now: (929) 412-1808.
We Are Here To Help
Attorney Christine Matus (a special needs parent herself), attorney Kristine M. Carranceja-Gurski, and the entire team at Matus Law Group are here to help protect your family’s future today
Call now to make an appointment and discuss special needs planning (929) 412-1808.
How Can You Use Supplemental Needs Trusts in NY?
The money from the special needs trusts can only be used by beneficiaries when planning to cover special needs like special education and not basic necessities like housing or groceries. These trust funds may be treated as income and could affect SSI eligibility. Funds from special needs trusts can’t be used for the following:
Property tax, mortgage payments, and rent
Renters and homeowner’s insurance
Utilities
Groceries
Restaurant meals (under some circumstances)
Cash to be paid directly to the beneficiary as an allowance
Speak with New York City estate planning attorney and to find out more about how you can use trust funds. call today (929) 412-1808.
Does the Law Allow Using Special Needs Trust For Medical Benefits or Services?
The law stipulates that trust funds can be used to pay for special medical expenses not covered by Medicaid in your county. This includes wheelchairs, special mechanical beds and accessible vans. In some cases, you can even use funds for planning and financing recreational or cultural activities that will enrich your kid’s life.
It can be difficult to determine what is a supplemental or a necessary need. To do so, you may need the help of an attorney who specializes in special needs planning.
Get in touch:
The Matus Law Group is always here to help answer your questions – if you are looking for special needs planning, allow us to help (929) 412-1808.
What Kind of Trust Can Special Needs Planning Attorney Set Up?
Third Party Special Needs Trust
This is a type of trust that is funded by another person for the benefits of disabled persons. It is funded from that person’s own estate. It is usually done by an individual who is a relative, spouse, parent, or guardian of the disabled person: someone the person knows and trusts.
The Trustee has full control over the distribution of income and principal. The government will not consider trust funds as income for disabled persons if such conditions are maintained. The Third-Party SNT is not set to protect property or estate the disabled person received via inheritance, probate, court settlement, or other sources.
Such trust must not be used to replace government benefits for which the disabled individual may be eligible. Special needs planning lawyer from Matus Law Firm can help you understand NY requirements and guide you through the planning process.
Self-Settled Special Needs Trust
These funds can come from: personal injury award or retirement plan; divorce; settlement; life insurance policy; inheritance or probate. A disabled individual with a substantial amount of property or estate can transfer that property into Self-Settled SNT. The trust must be properly settled and all funds used according to the strict government rules. In this case the funds are not considered income, which allows the beneficiary to become eligible for Medicaid or other government assistance and services.
There are many types of Self-Settled special needs trusts. These include Pooled Income special needs trust, Payback special needs trusts, and others. All are subject to specific federal and state regulations which should be taken into account when planning to set up the trust.
Establishing a special needs trust is complicated in many ways. There are important considerations when planning SNT in regards to taxes, public benefits, and the effect the arrangements have on an individual’s financial and estate plans. Special needs planning lawyers at Matus Law Group have decades of experience setting up special needs trusts. Call now to make an appointment and discuss the benefits of special needs planning (929) 412-1808.
What Can a New York Attorney Do to Protect My Loved One’s Future?
Once you have decided on the Special Needs Trust you are planning to set up, it is important to name the beneficiary. Next, a trustworthy and reliable trustee must be appointed to manage the trust’s finances and make sure the estate is well maintained.
After this, you designate a conservator/guardian to care for your offspring and make crucial decisions when planning their life. Once you have determined who your beneficiary is, you will need to fund your trust with assets according to the rules of the trust you are planning to set up.
It is possible to create a Special Needs Trust by yourself with help from special guidebooks, online articles and FAQs regarding this topic. However, planning and setting up a trust can be complex, and even minor mistakes can be costly. A qualified estate planning attorney can help you understand New York requirements and guide you through the planning process. Call to speak with our special needs trust lawyers today (929) 412-1808.
What Do Attorneys Advice on Planning And Putting Money in Special Needs Trusts?
One should keep in mind that Special Needs Trust funding does not directly benefit your offspring or provide them with money. The trust must be the beneficiary or the heir of any funds you are planning to transfer to your children.
New York has its own regulations regarding how special needs trust money can be used and what benefits can they give an individual. In most cases, the funds can be used to meet special needs that are not covered by government benefits. These may include housing costs, living expenses, special education and legal fees. There are no limits on the amount of estate you can add to special needs trust. The amount will depend solely on the level of care your offspring requires and the benefits you want to provide them with.
Asset transfer, including personal property and bank account
Settlements
Life insurance
Jury awards
Many financial and advocacy professionals recommend that you spend at least $100,000 funding a trust. The Matus Law Group is always here to answer your questions – if you are planning to set up supplemental needs trust, allow us to help.
We Are Here To Help:
To decide if a first-party or a third-party is a better fit for your loved one, call to speak with Christine Matus, special needs trust attorney today (929) 412-1808.
When Should I Hire a New York Special Needs Trusts Lawyer?
When planning to set up a trust make sure you hire a special needs planning attorney who has experience in helping families with children with special needs. Inna Fershteyn, a top New York attorney, is one such choice. It is crucial that the attorney plays a role in setting up the trust and advising on the responsibilities and limitations for the trustee. It is important to remember the importance of a Special Needs Trust. It is especially important that funds are available for disabled children.
Planning for your offspring’s education and wellbeing is easy. You can ensure that your child’s life is secure and they receive all possible benefits by making the right decisions today. Christine Matus, a New York Supplemental Needs Trust Planning attorney, can assist you with your Special Needs Planning.
Is There a Difference Between "Supplemental" and "Special" Needs Trust?
The first arrangements for people with disabilities, which were created more than 20 years ago, were called “supplemental needs trusts”. They were meant to supplement assistance provided by Medicaid and Medicare, Social Security Income, Social Security Supplemental Security Income, or other special public benefit programs, whose support levels are often very low.
Some attorneys argued that the 1993 legislation (“OBRA”) which authorized the creation of self-settled trusts under 42 USC 1396p (d)(4)(A) allowed for a distinction between these arrangements and third party trusts created by parents. They called the former special needs trusts, while the latter were still called supplemental needs trusts. However, this confused the general public.
Both types of arrangements are now simply called “special needs trusts.” Their purpose is to provide financial support for the beneficiary’s special or unique needs. The name of the trust is more focused on the beneficiary while “supplemental” needs trust addresses the shortcomings in the public benefits programs.
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- Matus Law Group | Estate Planning Attorney and Special Needs Trust Lawyer | Trusts Law Firm - New York City
- Address: 222 Broadway Fl 22,
New York, NY 10038 - Phone: 1 (929) 412 - 1808
