As a parent, taking care of a child is a responsibility that
will always be with you. For parents with children who are mentally or
physically disabled, there is a specific trust that can be set up to take care
of your loved one after you have passed. This trust is called a Special Needs
Trust (or Supplemental Needs Trust).
Many children with special needs require Medicaid assistance
to make sure their medical needs are covered. However if you leave money directly
to your disabled child, (over $2,000) he/she will be immediately cut off from
government assistance. In many cases the
child, even if he/she has reached maturity, will not be able to manage funds by
his or herself. You want your trust to serve as a supplemental source of income
to your child in addition to government assistance, not as the only source.
Finding a knowledgeable Special Needs Estate Planning Attorney
is your first and best line of defense in protecting your loved one in the case
of your passing. It is important to remember that when you pass, leaving your
assets to the trust and NOT your child is the better way to go about protecting
your child. A Special Needs Trust can be constantly funded by yourself or
others. Taking extra steps to make sure your child is financially secure after
you are gone is one of the many ways to show your child that you care. If you
are looking into setting up a special needs trust, contact our office for more
information.
Law Office of Inna
Fershteyn and Associates, P.C.
1517 Voorhies Avenue, 4 FL
Brooklyn, NY 11235
(718) 333-2394
1517 Voorhies Avenue, 4 FL
Brooklyn, NY 11235
(718) 333-2394
Doing and funding a special needs trust is only a small part of the problem. What about selecting a trustee, and more importantly, someone who will see after the grown child's needs!!
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