There are many ways that people can create an estate plan that properly prepares their estate for the end of their life. This allows them to prove for loved ones when they are no longer around to do so themselves. Individuals who have loved ones with special needs may wish to consider certain extra planning. There are a variety of ways this can be done that is not as simple as putting the individual in a will or trust. Continue reading below to learn more and contact an experienced New York estate planning attorney for assistance.
Why is a Will or Trust Not Enough?
Direct distributions of funds from an estate can inadvertently disqualify a person’s loved ones from government benefits. It is because of this that it is important to consider all options that provide a special needs loved one with everything they need. A special needs estate plan can provide them with a future that includes more than the essentials. This plan can focus on issues that can arise overtime so that the individual is never without “non-essentials” that are not covered by the government. This can include companionship, clothing, any necessary aid, dental care, the ability to see family, and more.
Who Needs a Special Needs Estate Plan?
There are many different people who may need a special needs estate plan to assist them. They are mostly created for individuals who will never be able to live on their own as a result of certain conditions. This can include autism or Down Syndrome. Others who may need it can include individuals with a progressively debilitating disease, such as Parkinson’s, Alzheimer’s, or ALS.
What is a Third-Party Supplemental Needs Trust?
The needs of each family are different from that of another. It is because of this that some families may benefit from a third-party supplemental needs trust and others may not. This is not an estate plan, rather a trust. This can help individuals with special needs via a third party, often a family member or friend. The trust is created with money set aside by a loved one to provide for the person with a disability in order to make assets available to them. This is done without making them ineligible for public benefit programs, such as Medicaid and supplemental security income (SSI).
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Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.