FEATURES & NEWS

What is Elder Law in New York 2024?
elder law

WHAT IS ELDER LAW?

Understanding Elder Law in New York 2024 As individuals age, their legal needs evolve, requiring specialized expertise in areas affecting their health, assets, and legacy.

Read More »
All About Trusts and Wills in New York
Estate Planning

All About Trusts and Wills in New York

Understanding Trusts and Wills in New York: Essential Tools for Estate Planning Planning for the future requires careful attention to detail, especially when it involves

Read More »
Attorney for Wills and Trusts
Estate Planning

Attorney for Wills and Trusts

Discover expert guidance for Wills and Trusts in New York. Morgan Legal Group provides personalized estate planning for peace of mind.

Read More »
Different Types of Wills in New York
Estate Planning

Different Types of Wills in New York

Understanding Different Types of Wills in New York Wills are critical estate planning documents that allow individuals to express how they want their assets distributed

Read More »
Common Probate Issues In New York
Estate Planning

Common Probate Issues In New York

Common Probate Issues Probate is a legal process that occurs after an individual passes away, involving the distribution of their assets according to their will,

Read More »
Estate Planning Tips in New York - Morgan Legal Group
Estate Planning

Estate Planning Tips:

Estate Planning Tips in New York Estate planning is a vital process for ensuring that your assets are protected, your healthcare decisions are respected, and

Read More »
Guardianship Attorney in NYC
Guardianship

Guardianship Attorney

Guardianship Attorney in NYC In New York City, the need for guardianship arises when an individual can no longer make decisions for themselves due to

Read More »

All About Special Needs Trust In New York

Welcome to Morgan Legal Group P.C., your trusted source for comprehensive information on Special Needs Trusts (SNTs) in New York. Our experienced team of attorneys is here to guide you through the intricate world of special needs planning, ensuring you can provide a secure financial future for your loved one with special needs. In this detailed guide, we’ll delve into the essentials of Special Needs Trusts, their benefits, types, eligibility criteria, and how our firm can assist you in creating a tailored trust to meet your family’s needs.

What is a Special Needs Trust?

A Special Needs Trust is a legal arrangement designed to provide financial security for individuals with disabilities while preserving their eligibility for government assistance programs such as Medicaid and Supplemental Security Income (SSI). These trusts allow you to set aside funds to enhance the quality of life for your loved one with special needs while ensuring their eligibility for vital benefits is not compromised.

Types of Special Needs Trusts

There are several types of Special Needs Trusts, each with its unique features:

  • First-Party SNT: Funded with the beneficiary’s assets, often from an inheritance or legal settlement.
  • Third-Party SNT: Established and funded by family members or loved ones to benefit the individual with special needs.
  • Pooled Trust: Managed by a nonprofit organization, allowing individuals to pool resources while maintaining separate accounts.

Benefits of a Special Needs Trust

Creating a Special Needs Trust offers numerous advantages:

  • Preserving Benefits: Your loved one can continue receiving government assistance while enjoying the benefits of the trust.
  • Enhanced Quality of Life: Funds in the trust can be used to cover various expenses, including education, medical care, travel, and entertainment.
  • Asset Protection: Protect the funds from creditors and ensure they are used solely for the beneficiary’s benefit.
  • Control and Management: Appoint a trustee to manage the trust, making decisions in the best interest of your loved one.
  • Long-Term Planning: Secure your loved one’s future by setting aside funds to provide for their needs even after you’re gone.

Eligibility for Special Needs Trusts

Individuals must meet specific eligibility criteria to benefit from a Special Needs Trust:

  • Qualification for Government Benefits: The beneficiary must be eligible for Medicaid, SSI, or other government assistance programs.
  • Disability Requirement: The individual must have a qualifying disability as defined by the Social Security Administration.
  • Age: There are no age restrictions for beneficiaries of Special Needs Trusts.

Our knowledgeable attorneys at Morgan Legal Group P.C. are dedicated to helping families navigate the complexities of Special Needs Trusts:

  • Expert Consultation: We provide personalized guidance based on your family’s unique circumstances.
  • Trust Creation: Our legal team drafts meticulous trust documents tailored to your loved one’s needs.
  • Strategic Asset Allocation: We help you decide which assets to place in the trust to maximize its benefits.
  • Compliance with Regulations: Our experts ensure that the trust meets all legal requirements for eligibility and government benefits.
  • Trustee Selection: We assist in selecting a capable trustee to oversee the trust and make decisions in the beneficiary’s best interest.

Contact Us for Your Special Needs Trust

If you’re seeking peace of mind by securing a financially stable future for your loved one with special needs, Morgan Legal Group P.C. is here to assist you. Schedule a consultation with us today to discuss creating a tailored Special Needs Trust that meets your family’s needs and safeguards the well-being of your loved one.

Most Popular: