Special Needs Trust Attorney New York
Kyle Steller is an Experienced New York Attorney Who Helps People With Special Needs Plan For Their Future
According to the U.S. Census Bureau, more than 56 million people in America are living with a disability or special need. That works out to one in five people, and many of these individuals are dependent upon loved ones for basic daily needs as well as regular support and security. If this sounds familiar, you could use a special needs trust attorney.
Government benefits from Medicaid, Supplemental Security Income and Social Security help to pay for the basic costs of people with disabilities. However, these benefits are limited to necessities, and asset eligibility limits are strictly enforced.
What happens if a disabled person who is participating in a government program receives an inheritance? Or, what if this individual gets a large payment from Social Security or wins the proceeds of a lawsuit? Will they continue to collect their government benefits?
If you work with a special needs planning attorney in New York, then you may find that there is more flexibility than you imagined.
Trust an Experienced Special Needs Planning Attorney
Kyle Steller helps clients plan for the needs of disabled people on a daily basis. She carefully listens to your concerns and needs to craft a unique plan that will ensure that your loved one always receives the best possible care and support regardless of whether you can be with them or not.
Because Kyle focuses on the details, you are free to offer the love and attention that your child or loved one deserves without worrying about the future.
What Are Your Special Needs Trust Options in New York?
It's wise to begin special needs planning long before it's needed. Life is uncertain, and you never know when you'll be temporarily or permanently unable to provide care for a disabled loved one. Additionally, thorough special needs planning requires time and careful consideration as you'll have to weigh many critical questions.
Common Questions You May Have About Special Needs Trust Planning
- Who will care for your child when you are gone?
- Where will your child live?
- Is it possible to leave your disabled child an inheritance?
- Will an inheritance affect your child's ability to collect government benefits?
- Would life insurance provide an additional source of funds for your child?
Supplemental or Special Needs Trusts
While government programs can provide the basics for people with disabilities, they are unlikely to cover everything. Fortunately, the law makes it possible for disabled individuals to use a special needs or supplemental needs trust. This specific type of trust is only available to disabled people, and it must be used to purchase extra things that government benefits do not cover. Such a trust can contain any amount of money without affecting the individual's eligibility to receive government benefits.
These trusts may cover the cost of clothing and personal care, recreation, home modifications, vacations and non-Medicaid-covered healthcare costs.
People who work with a Hudson Valley elder law attorney also may establish a pooled trust, which is a special kind of supplemental needs trust. It is administered by a non-profit organization, which can be useful for people living in some kind of care facility. Once again, having a pooled trust does not affect your family member's eligibility to receive government benefits.
Getting Started with Special Needs Planning
Many people come to an elder law attorney feeling confused and overwhelmed. They are fearful of inadvertently causing a child with special needs to lose their government benefits if they leave them an inheritance. At the same time, they are fully aware that government assistance cannot meet all of their loved one's needs. Is it possible to strike a balance?
With careful Special Needs Trust Planning, it is.
Establishing an appropriate trust and taking other steps can ensure the long-term security and well-being of your child, grandchild or loved one. You have the ability to ensure that they will live in a loving home, that they will have a guardian to watch over them and that they will have the financial resources that they need to feel secure.
If any of this sounds like something you need to explore more deeply, and you live in or near Kingston, New Paltz, Newburgh, Poughkeepsie, Fishkill, Rhinebeck, Red Hook, Hyde Park, Highland, or anywhere in Ulster County, Dutchess County or Orange County New York, go ahead andchedule a consultation with special needs planning attorney Kyle Steller today. With her experience and compassion, she will help you create a comprehensive plan that provides a lifetime of care for your disabled loved one.
Don't wait until it's too late to make a plan. Start today to promise your child a brighter tomorrow.
Questions About Special Needs Trust
The cost starts at about $3,000 to $15,000. You can incur additional fees if you hire a trustee.
The account management will incur additional costs.
A special needs trust preserves a disabled individual’s eligibility for government programs. Some people who earn an income, either through a settlement or work, will lose their benefits for these programs.
A trust sets the money aside so that it can be used for things that will improve their quality of life. When the money is put into a trust, the individual will remain eligible for government benefits.
Many things can be purchased under the trust arrangement. Many people use the trust to buy a vehicle or home. They also might get help paying for additional therapy or services. A trust can also cover the difference between a shared room and sole occupancy.
People with special needs often need medical equipment or more education. The trust can pay or these things and more.
You can also use a trust to pay for things like a computer, phone, cable service, internet service, or a vacation.
Start by understanding that a trust is started by a caregiver or parent. They are setting aside money for the beneficiary.
The first thing you need to do is pick out the type of trust you want. There are Special Needs Trusts and Pooled Disability Trusts. They will have essentially the same function, but the Medicaid rules are different if the beneficiary passes away.
You need to appoint a trustee and an advocate for the purposes of managing the trust and making sure that the beneficiary receives proper care.
Yes. The taxes will be paid by the grantor or the beneficiary depending on what type of trust you have. The taxes can be as high as 37 percent in some cases. You will want to get counsel from a lawyer to decide what will work best for your situation.