New York Special Needs Trust Attorney Yana Feldman (https://yanafeldmanlaw.com/q-a-5-frequently-asked-questions-about-special-needs-trusts/) of New York Legacy Lawyers has released an article about 5 Frequently Asked Questions About Special Needs Trusts to provide valuable information to those who are considering signing over money or assets to a loved one with special needs.
In the article, the New York Special Needs Trust Attorney explains the benefits of setting up a special needs trust, which provides an extra layer of protection for beneficiaries with disabilities. Unlike a will, a special needs trust allows the grantor to dictate the way their money is spent and ensures that the beneficiary can acquire and maintain the level of support they need without risking disqualification from government programs.
The New York Special Needs Trust Attorney notes that it is crucial to go through the trust thoroughly to ensure that it includes specific language that makes it legally watertight. The trust should state that it is intended to provide “supplemental and extra care” rather than basic support, and it should also explain that it is an exception to the Omnibus Budget and Reconciliation Act and include any provisions from the United States Code. Additionally, the trust should include information regarding the Medicaid payback process.
As the inheritance of anything over $2,000 can cause a disabled person to lose government benefits, a special needs trust allows the grantor to leave them money without the risk of disrupting their current support. Feldman explains that there are two main options for setting up a special needs trust: a first-person trust and a third-party trust. A first-person trust makes the beneficiary completely liable in the instance of another legal settlement, such as inheritance or a compensation claim, while a third-party trust gives parents or guardians more control over their funds.
“Special needs trusts are complicated, and setting them up requires lots of specific legal knowledge,” says Feldman. “That’s why you should hire an attorney to help you. They’ll guide you through the entire process, handling all the paperwork and explaining the legal jargon to make it easy for you.”
Feldman’s article provides important insights into special needs trusts and the benefits they offer to beneficiaries with disabilities. Those who are considering setting up a special needs trust are encouraged to seek legal guidance from a qualified attorney.
Setting up a special needs trust is an important decision that requires careful consideration and guidance from a qualified attorney. Yana Feldman’s article provides valuable information on the benefits of special needs trusts and the legal requirements for setting them up. Those who are interested in setting up a special needs trust are encouraged to seek legal guidance from a trusted attorney who is experienced in this area of law.
About New York Legacy Lawyers:
New York Legacy Lawyers is a boutique estate planning law firm located in New York, NY. The firm provides legal services in estate planning, special needs planning, and elder law. Their team of attorneys has extensive experience helping clients protect their assets and plan for the future.
New York Legacy Lawyers by Yana Feldman & Associates PLLC
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