Sheryll Law, P.C. sets up Special Needs Trusts, also known as Supplemental Needs Trust to help disabled clients qualify for government benefits while receiving supplemental support.
Special Needs Trust Attorney on Long Island
Whether it’s a child, or a parent that may need a Special Trust Attorney, planning for the future is vital to care for our loved ones that may not be able to care for themselves. Setting up the proper Special Needs Trust and financial plan is very important for those who need to maintain their eligibility for government benefits. Eligibility for government benefits can be lost if the individual has too many assets in their name. Having the proper Special Needs Trust setup can continue to allow the beneficiary to have the same standard of living long after you’re gone. Special Needs trusts are a critical tool to help ensure stability and financial security for your loved one with additional needs.
What Can You Pay for With the Trust?
What Can You Pay for With the Trust?
- Medical needs not covered elsewhere
- Medical equipment, including wheelchairs
- Education and vocational training
- Travel, Transportation, recreation, and entertainment that enrich a person’s life
- Legal expenses
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What is the Difference Between a First and Third Party Special Needs Trust
A First Party Special Needs Trust, also known as a Supplemental Needs Trust, allows a beneficiary with special needs to have a financial vehicle to protect inherited assets that were designated specifically for their benefit. This type of trust can also be useful for a financially defensive tool to protect the assets of a healthy individual that becomes incapacitated and would qualify for public benefits under specific income or asset requirements. Engaging a qualified Special Needs Trust Attorney that will look at all options is recommended to determine how best to structure the trust.
Third-Party Special Needs Trust are commonly used by family members preplanning for the long-term care of a loved one that has special needs to ensure quality of life for the duration of their life. Third Party Special Needs Trusts are often funded after the death of the guardian for the special needs beneficiary. Special Needs trusts maybe be wrapped into other trusts as a means of specifically caring for the special needs beneficiary.
How to Manage a Special Needs Trust
Keeping up with Medicaid and SSI requirements is crucial to allow the individual to receive income but not be kicked off any governmental benefits they are receiving. A special needs trust is a useful tool to establish for individuals that are chronically ill or physically or mentally disabled. By using a Special Needs Trust, it prevents the individual from receiving too much money making it impossible for the beneficiary to receive government benefits. The trustee is also responsible for preparing annual reports, filing tax returns, and ensuring that the assets are only used for the beneficiary’s interests. A Special Needs Trust attorney on Long Island can provide legal guidance to help the trustee develop a plan to ensure the individual is provided for financially and keeps up with the management of the trust.
When Does a Special Needs Trust End?
The duration of a special needs trust, also known as a supplemental needs trust, depends on several factors. Generally, a special needs trust ends when the beneficiary dies or when the trust assets are exhausted. However, there are other circumstances that can lead to the termination of the trust, such as a change in the beneficiary's circumstances or a change in the law. If the beneficiary no longer is eligible for government benefits the trust may be reviewed, modified or terminated.
What is a Special Needs Trust?
What is a Supplemental Needs Trust?
A special needs trust, also known as a supplemental needs trust, is a legal arrangement that allows a person with a disability or special needs to receive funds and assets without jeopardizing their eligibility for government benefits such as Supplemental Security Income (SSI) and Medicaid. Individuals may utilize a Special Needs Trust if they have a developmental disability, a physical disability, a chronic illness, or a mental health condition. The trust is managed by a trustee, who has a legal obligation to manage the trust assets in the best interests of the beneficiary.