An estate plan can be created in a variety of ways. In some cases, it is important for a person to create one that caters to an individual with special needs. This allows them to provide for this loved one when they are no longer around to do so themselves. 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 plan can inadvertently disqualify a loved one from receiving government benefits. It is because of this that there are better ways to help a loved one with special needs than to include them in a will or trust. A special needs estate plan can provide them with more than just essentials. It can focus on unknown issues that may arise overtime and ensure the loved one will not be without “non-essentials” that are not covered by government-funded programs. This can include companionship, clothing, any necessary aid, dental care, the ability to see family, and more.
Who Needs a Special Needs Estate Plan?
Individuals who may need the assistance of a special needs estate plan are those who will never be able to live independently. This is due to the fact that they have certain conditions, such as autism or Down Syndrome. Others who may need the plan can include individuals with a progressively debilitating disease, such as Parkinson’s, Alzheimer’s, or ALS.
What is a Third-Party Supplemental Needs Trust?
What is included in an estate plan can vary depending on the needs of a family. Some families may benefit from a third-party supplemental needs trust. This is simply a trust that benefits a person with special needs through a third party, often a family member or friend. The trust is created with money that is set aside by a loved one to provide for the individual with a disability. It makes assets available to them without making them ineligible for public benefit programs, such as Medicaid and supplemental security income (SSI).
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The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.