Special Needs Planning in Hudson Valley, NY
Helping Families Create Trusts for Disabled Loved Ones
Special needs planning is a specialized area of estate planning that focuses on the unique needs of individuals with disabilities. It can be an overwhelming process to plan for the future of a loved one with special needs, especially if that individual is a minor. At Martin Law, PC, our team of experienced estate planning attorneys is dedicated to helping families create trusts for disabled loved ones.
Contact us at (845) 764-8104 to schedule a free initial consultation.
What Is a Special Needs Trust?
A special needs trust is a trust fund that is created specifically for a disabled individual. The trust can be used to help pay for expenses such as education, housing, medical care, and other essential expenses. The trust is funded with assets that are not counted against the individual's SSI or Medicaid benefits. The trust can also be used to help reduce the impact of Medicaid estate recovery.
The following are common types of assets that can be used to fund a special needs trust:
- Cash assets — Cash assets are the most common form of funding for special needs trusts. Examples of cash assets include savings accounts, money market accounts, CDs, and individual stocks.
- Personal property — Personal property can also be used to fund a special needs trust. Examples of personal property include jewelry, antiques, artwork, and collectibles.
- Life insurance — Life insurance policies can be used to fund special needs trusts. The proceeds from a life insurance policy can be paid directly to the trustee of the trust. The trustee can then use the funds to pay for expenses that the individual would otherwise be unable to pay for on their own.
The trustee of the trust is responsible for managing the trust and paying for expenses as they are needed. The trustee can be a family member or a professional trustee. The trustee is not required to live in the same state as the individual receiving funds from the trust.
When Should I Create a Special Needs Trust?
Special needs planning is an important part of any estate plan for anyone who cares for a loved one with special needs. However, it is especially important for individuals who do not have access to an inheritance or other sources of funds for their care. Creating a special needs trust can help ensure that the individual will always have the resources they need to live comfortably.
There are several situations that make it especially important to create a special needs trust:
- An individual is receiving SSI or Medicaid
- The individual is going to be attending college
- The individual is expected to live past the age of 65
- The individual is expected to live past the age of 21
- The individual is receiving in-home care
Contact Our Hudson Valley Special Needs Planning Attorneys Today
Special needs planning is a specialized area of estate planning that requires a thorough understanding of the rules and regulations that govern SSI and Medicaid. At Martin Law, PC, we have extensive experience creating trusts for disabled individuals and can help you create a trust that will provide your loved one with the resources they need for a successful future.
Call us at (845) 764-8104 or contact us online to schedule a free initial consultation and learn more about our special needs planning services in Wappingers Falls, NY.
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