Special Needs Trust Lawyers in Manhasset NY, Helping Provide Continued Care for Your Loved One
You adore your loved ones and want to see their best interests always kept in mind. In many situations, this means caring for family members who cannot care for themselves. People often do this when raising children, but the need might also arise to support a loved one with a disability. However, doing so could interfere with their eligibility for certain government programs. Fortunately, a special needs trust lawyer in Manhasset, NY may be able to help.
At Marchese & Maynard, LLP, we know how complicated it can be to care for a family member with special needs. Even if you have all the means in the world to do so, there are legalities involved that can cause difficulties if you’re not properly prepared. Our team of experienced estate administration attorneys in Manhasset, NY can help you avoid this and other pitfalls. Contact us today to learn more with a free consultation.
What Is a Special Needs Trust?
A special needs trust is a legal arrangement that provides income and assets to an individual who is considered disabled under the law. In New York, you’ll often hear this referred to as a Supplemental Needs Trust (SNT). The creator of a trust is known as the grantor, and the disabled person is known as the beneficiary.
The grantor places assets into the trust so that an administrator — known as the trustee — can hold, manage, and disperse assets from within the trust. This means that the grantor can specify a variety of monies and properties to be used for the care of their loved one, and the trustee can continue dispursing those assets even if the grantor dies.
What Are the Qualifications of Special Needs Trusts?
Like most other legal arrangements, there are certain requirements that must be met for special needs trusts. For instance, the assets within the trust are meant to either enhance or supplement monies paid by Medicaid and other government programs. However, you must first be sure that your loved one qualifies to receive such a trust. The following conditions must be met:
- Beneficiary must have a physical or mental impairment
- Impairment must be severe, persistent, or chronic
- Impairment must result in the need for long-term care
- Beneficiary may need to depend on public benefits
- Beneficiary must be under 65 years old when trust is created
Remember that these are only the most basic aspects of a Supplemental Needs Trust in New York. There are other nuances to the law and factors you must understand, but a special needs trust attorney in Manhasset, NY can help in this endeavor. Don’t waste time wondering whether this legal arrangement is right for your situation. Schedule a free consultation at Marchese & Maynard, LLP, today to learn more.
What Are Special Needs Trust Benefits?
The biggest benefit of a special needs trust is that it can ensure your loved one is cared for long after you’re gone. Of course, there are many other ways you could do this. For instance, a Manhasset, NY estate planning lawyer could help you leave a home and a large sum of money to your family member. However, this would not ensure the proper management of such assets. That’s where a trustee can prove invaluable.
Additionally, leaving such assets through traditional means can make your loved one ineligible for government benefits. For instance, Medicaid has strict income and asset threshold requirements. If you give any substantial amount of money or property directly to your family member, it’s likely that their healthcare costs will no longer be covered. Considering the high costs of living with a disability, this can prove disastrous.
Don’t risk your loved one’s well-being with well-intentioned acts. Speak with a Manhasset, NY special needs trust lawyer today to ensure you get it right.
Contact a Special Needs Trust Lawyer in Manhasset, NY Today
It’s heartbreaking that our attempts to care for a loved one can create problems for them. Unfortunately, that’s how the law works everywhere in America. By creating a Supplemental Needs Trust in New York, however, you can take care of your family members without risking their public benefits. This legal process can be complex, though, and well-meaning actions by other relatives could interfere with your goal. That’s why you should seek legal assistance.
At Marchese & Maynard, LLP, our law firm has served residents of New York for years. We focus on estate administration to protect our client’s assets and ensure they’re properly managed. If you have a loved one suffering from a legal disability, we can establish a legal arrangement to ensure they’re cared for even when you’re gone. Contact us today by calling 516-447-2144 to schedule a free consultation. Our special needs trust lawyers in Manhasset, NY are here to help.