Caring for a child with Special Needs
can be a challenging responsibility. There are many steps that you must take in
order to guarantee the well being of your child in the long run. By planning a
long-term financial strategy, you can provide for your child and the needs of
your family while also addressing your other goals. Attorney Inna Fershteyn provides some
insight on a few important aspects:
1. Establish a Trust
to Benefit Your Child With Special Needs
While you may think that a trust is only for the
wealthy, this is not the case. The financial situation of a family with special
needs should be properly addressed so that there is a plan and funding if any
complications in the future arise. To establish a trust, you should seek
guidance from an attorney who has experience in working with families with
special needs. Seeking an experienced an attorney is crucial in exploring the
types of trusts and aspects suitable for your situation.
2. Name a Trustee
A trustee is a person who will be responsible
for managing the Special Needs
Trust
after your death. A trustee can be a family member, friend, lawyer, or even a
bank. The trustee ensures and supervises that the money in your Special Needs
Trust is spent and maintained appropriately. Therefore, it is important to name
someone who you trust for your financial management and who understands your
wishes for your child with special needs.
3. Write a Will
A Will specifies what
will be done with your assets after your death. It is important to specify that
your assets are left to the Special Needs Trust, and not to your child. While
this may sound strange, this is crucial because without a Will, a court judge
could name your child as a beneficiary. In doing so, this would show that your
child has over $2,000 in assets. This would render your child ineligible for
federal benefits such as Medicaid and Supplemental Security Income (SSI).
A Will is also where you can specify a
guardian and other important aspects of caring for your child if you are not
around. Please note that your trustee and guardian do not need to be the same
person. Ensure that whoever takes on each of the respective roles is committed
to properly do so.
If you are seeking to establish a
Special Needs Trust or require some insight on Planning for your Child with
Special Needs, seek an Attorney who has experience in working with families
with Special Needs. Contact Attorney Inna Fershteyn today for
assistance in Planning your Special Needs Trust.
Law Office of
Inna Fershteyn & Associates, P.C.
(718) 333-2394
1517 Voorhies Avenue, Suite 4
Brooklyn, NY 11235
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