Types of Special Needs Planning Services We Offer
Planning for an individual with a disability requires special knowledge of estate planning rules, guardianship laws and government benefits. If you are a person with a disability or have a person with a disability in your life, please contact one of our Special Needs Planning Attorneys for a consultation to develop an individualized estate and long-term care plan which best fits your needs. We have experience helping clients across New York City, Albany, and many other parts of the state and are ready to go to work for you.
Speak With a Special Needs Planning Lawyer
Parents naturally worry about what would happen to their children when they are no longer able to care for them. This concern is especially common among parents and other caregivers of those with disabilities. Special needs planning can help allay these fears by putting legal strategies in place to ensure that family members with disabilities will be cared for into the future.
A disability can be present from birth or acquired later through an accident or illness. In either case, a special needs planning lawyer looks at the individual’s medical condition, the family’s financial situation, and other factors such as government assistance to craft a plan that protects the beneficiary.
Estate planning for people with special needs is not a one-size-fits-all situation. If you care for an individual with special needs, speak with an Albany special needs planning lawyer at our firm to find the solution that is right for your family.
Why Special Needs Planning Is Important
Special Needs Planning encompasses the holistic planning needs of an individual with a disability. It takes into consideration:
Is a Special Needs Trust Appropriate?
Those who qualify for government disability benefits quickly discover that the benefits cover bare basics but not enough to live a comfortable life. Many well-intentioned family members believe that disinheriting a disabled family member will protect the ability to qualify for benefits, but this often leaves their intended share in the hands of another family member, raising other legal, financial, and practical ramifications. A special needs trust often solves these problems.
Under New York law, an SNT may be set for the benefit of a person with a severe and chronic or persistent disability. Often SNTs are set up by parents or grandparents, but it is possible for the disabled person to set up an SNT for their own benefit. A critical part of setting up the trust involves choosing a trustee who will responsibly handle the accounts.
The assets in an SNT may be used for large or small expenses, from purchasing a home for the beneficiary to live in to paying for recreational activities to enrich their lives. However, certain types of SNTs must include a payback provision directing the trust to pay back certain government benefits upon the beneficiary’s death. Talk to a special needs will planning attorney to find out which type would be the most appropriate for your situation.
Comprehensive Special Needs Planning
If you are a person with a disability or have a loved one with a disability, contact us today to discuss your options for special needs planning. It is a good idea to talk to an Albany will planning attorney with experience in estate planning that involves people with special needs. At Pierro, Connor & Strauss, LLC, we offer a range of services needed to meet the personalized needs of clients and their families. Receipt of public benefits impacts many areas in the disabled person’s affairs and must be considered at each step of the plan. Guardianship, power of attorney, a Supplemental Needs Trust, or another estate planning tool may protect benefits while allowing the family to more fully provide for a loved one’s needs. Call us, email, or use our online form to contact us today for a free consultation.