A special needs trust, also known as a supplemental needs trust, protects and holds your financial assets for your disabled beneficiary. With a special needs trust, a beneficiary can receive assets gifted from family members or a legal settlement, without affecting their ability to receive Medicaid or Supplement Security Income (SSI).
Additionally, you can establish a special needs trust for your loved one through an estate plan to provide them with your assets as an inheritance when you pass away. Establishing a special needs trust differs depending on your situation. Luckily, you can hire a special needs trust attorney New York to advise you accordingly.
Do I Need It?
A special needs trust can be of help to you in several ways. These include:
- Choosing someone to serve as a trustee
One of the advantages of a special needs trust is that it allows you to appoint a trustee to oversee the distribution and management of your assets. For example, when your beneficiary can’t manage finances independently, your trustee steps in to administrate their spending habits.
Unfortunately, selecting a trustee for your special needs trust can be difficult. However, it’s never a good idea to appoint a family member or a sibling as a trustee. To get the best advice on who you can select as your trustee, consult with a special needs trust attorney New York.
- Holds assets to support your beneficiary
A special needs trust works by protecting and holding assets to support and benefit a loved one with disabilities. Additionally, with your trust, you can specify the intended use of the funds.
For instance, if you have a loved one with disabilities living in a group home, you can establish a trust to upgrade their room furnishing. This way, they can maintain their group living arrangement while living more comfortably.
Do I need A Special Needs Trust Attorney in New York?
Establishing a special needs trust in New York not only protects your assets from creditors but also allows you to preserve your wealth, especially if you have a spendthrift loved one. While it’s possible to draft a special needs trust document by yourself, it’s not advisable as rules differ between states.
Instead, hire the best Elder Law Attorney NY to consult with on the specifics required for your trust, including the ideal choice for your trustee.
Hire the best Elder Law Attorney NY today, to help you establish a special needs trust.