In order to adequately care for a loved one who has a disability, careful planning is required. Special needs trusts are one financial planning instrument that families of children with special needs should be aware of. Along with providing for their loved one in their estate plan, they also need to think about guardianship and transition planning.
Knowledgeable Special Needs Planning Attorneys in New York State
We can assist your family whether your loved one who has special needs is an adult or a child who was born with them. At Tully Rinckey PLLC, we serve as an advocate for your loved one throughout all stages of his or her life, including ongoing decision-making (guardianship), submitting SSN and Medicaid applications, establishing special needs trusts, and, if you choose, serving as a trustee for your child's assets after your passing. Our trust and estates attorneys have assisted individuals throughout New York State, including Albany, Binghamton, Buffalo, Manhattan, Rochester, Syracuse and Saratoga Springs and many others establish a special needs trusts.
Special Needs Trusts
Children and adults with disabilities frequently depend on public assistance, particularly Medicaid and Supplemental Security Income (SSI). Due to the fact that these programs are need-based, they have tight income and resource restrictions.
Families naturally want to help a loved one have a stable future but transferring certain assets to the person will make them ineligible for certain benefits, which might cause a problem. One answer to this issue is special needs trusts.
A person with a disability can have money set aside for them through a special needs trust, often referred to as a supplemental needs trust, without it affecting their capacity to receive government assistance. Similar to other types of trusts, the person who establishes the trust (known as the trustor or grantor) names a trustee who manages money distributions for the beneficiary's benefit (the person with a disability). The funds in the trust do not qualify as resources for SSI and Medicaid since they are not kept in the beneficiary's name.
Different Kinds of Special Needs Trusts in New York State
The terms "special needs trust" and "supplemental needs trust" are frequently used synonymously. Nevertheless, in the state of New York, a special needs trust only refers to a trust established for a handicapped person who already has his or her own assets, whereas a supplemental needs trust is established for a person with disabilities by a third party, such as a parent for such a person.
In either scenario, it is crucial to confirm that the trust complies with the rules of the government programs from which the disabled person is currently receiving benefits or applying for benefits. The special needs person (referred to as the trust beneficiary) risked losing their government support if the trust did not adhere to these rules.
How Can a Special Needs Planning Attorney Help?
It can feel stressful to plan for your child's future, but you don't have to take on these responsibilities by yourself. In reality, enlisting legal counsel is the wisest course of action. When you consult with a special needs planning lawyer from Tully Rinckey, we will take the time to learn about your family's future aspirations as well as the needs of your child. We'll make sure you're aware of your alternatives for achieving those objectives and assist you in setting up the required resources. We are eager to work with you to lay a solid foundation for the future of your child.
Our Special Needs Planning Attorneys are Available to Assist You Today
Please don’t hesitate to get in touch with the special needs planning attorneys at Tully Rinckey if you have any questions or concerns about matters relating to special needs planning.
To schedule an initial consultation with a member of our experienced team, contact us 24 hours a day, 7 days a week, at 8885294543 or firstname.lastname@example.org. You can also book your consultation online via the link below.
You can also use our secure Live Chat feature to connect with us regarding your matter. You will be connected with a member of our client relations team ready to assist you.
Book Your Consultation Now!
Ready to book your consultation? Click here to pay our consultation fee and book your meeting with an attorney today!
When you choose Tully Rinckey PLLC, you aren’t just assigned an attorney. Your legal matter will be cared for by our entire legal team and support staff. With offices throughout the United States, we make sure you receive legal counsel and representation you can trust.
Commitment to Our Clients
Our team-oriented philosophy encourages open and ongoing communication with every attorney, paralegal, and other support staff working with each client ensures we understand their goals. Our commitment to you means meeting your objectives, working attentively and persistently toward your success, and efficiently adjusting to your changing needs.
Commitment to Quality
At Tully Rinckey PLLC, our commitment to quality never ends. We listen to your legal concerns, counsel you on your legal issues and represent you in legal proceedings. Our already knowledgeable attorneys are continually learning more, developing their resources and honing their skills. We make ourselves accessible to you at every turn, committing to be your long-term legal partner.
Full Service Legal Firm
Tully Rinckey is a full-service law firm. We handle legal issues relating to appellate law, litigation, bankruptcy, international and U.S.-based business law, family and matrimonial law, military and federal employment law, intellectual property law, and much more. We also offer a variety of services, including estate planning, security clearance representation, and congressional investigations. Regardless of your legal needs, we have the experienced counsel you need.
Our Personal Process
Contact us to discuss your needs with a client representative and schedule a consultation with an attorney.
PREPARE FOR CONSULTATION
Your time with your attorney is important. Please use this guide to get the most out of your initial consultation.
Meet your attorney
We discuss your specific legal goals and gain important information from you to help us understand your unique situation.