Need to Set Up a Special Needs Trust?
Estate Attorneys for Supplemental and Special Needs Trusts
At Kantrowitz, Goldhamer & Graifman, P.C., we provide experienced representation for all estate planning needs. Our skilled trust and estate lawyers can determine if a supplemental needs trust would make sense in your family’s situation.
We will work closely with you to create the best type of trust for you, your family and your circumstances. After a thorough review of your finances, our lawyers will advise you on how to structure the trust you need.
Why Would I Need a Supplemental or Special Needs Trust?
If you are the primary guardian caring for a minor child or an adult with physical or mental disabilities, drafting a supplemental needs trust, also called a special needs trust, can ease worries about the future and long-term care. This type of trust allows for certain types of protections under the law. You can specify when a supplemental needs trust will receive the funds for the beneficiary, and administer it in a way that does not disqualify the person from public benefits and support.
Can a Special Needs Trust Maintain Your Relative’s Medicaid Eligibility?
A properly drafted supplemental needs trust ensures the financial future of children with disabilities without jeopardizing their eligibility for Medicaid or Supplemental Security Income (SSI) benefits. Subject to certain restrictions, funds from a supplemental needs trust can improve the beneficiary’s quality of life by purchasing additional goods and services that Medicaid and SSI do not provide. These goods and services may include necessary items for your loved one, as well as additional living expenses.
In New York, any unconsumed assets left when the trust is no longer needed may pass to a designated person. In New Jersey, the state is reimbursed for support received, and then any left-over funds may go to a designated person.
Looking for an Estate Attorney for a Special Needs Trust?
Supplemental needs trusts, or special needs trusts, are a particular type of trust to protect individuals with disabilities. If you need to provide liquidity for taxes while avoiding an increase in estate tax, a life insurance trust may be appropriate. Medicaid trusts are designed to shelter assets to maintain Medicaid eligibility. Avoid probate delays with revocable living trusts. Speak to an attorney at KGG today to discover which type of trust would be the best for you.
Let Us Help You Provide a Bright Future for Your Family
To arrange a consultation with our Bergen County, NJ or Rockland County, NY special needs trust attorneys, please call (800) 711-5258 or contact us online. Messages left after business hours are returned promptly. We look forward to working with you and your family to prepare for the future.