A New York special needs trust is a unique instrument designed to protect the assets of a loved one who receives benefits due to a mental or physical disability or payments arising from personal injury. A special needs trust will hold the assets of a disabled person and distribute funds in a manner that allows that individual to still qualify for Medicaid benefits while providing additional support and health care. The goal of a special needs trust is to ensure that the trust assets are not countable resources of the disabled person when determining the Medicaid eligibility and other requirements for governmental programs.
What is the Importance of a New York Special Needs Trust?
A special needs trust is one method parents of special needs children can provide their child through their estate plan. One of the most effective strategies is to create a trust for the benefit of the person with special needs to supplement their lifestyle. The trust cannot be used for basic needs, such as rent and groceries, but is allowable for recreation, travel, education, and medical expenses not covered by Medicaid. Careful setting of trust options includes considering all the Federal and State rules for the recipient’s benefits. The services of an experienced New York special needs planning lawyer are crucial to ensure that the trust successfully meets its goals.
Your Russian Speaking Special Needs Planning Attorney in Brooklyn, NY, and New York City (Manhattan)
The Law Offices of Vlad Portnoy P.C. has many years of experience with New York Special Needs Law issues. Whether you need to set up a special needs trust, appoint a trusted guardian, or get the most out of government aid programs, our Brooklyn special needs planning lawyers can help you, your loved one and the Russian community make the right choices for your loved one’s well-being.