Long Island Special Needs Trust Lawyer

Special Needs Trust Attorney in Long Island

It can feel daunting and overwhelming to plan for the future of your loved one with special needs. Thankfully, however, crucial estate planning tools such as a Supplemental Needs Trust (SNT) can help ensure financial security for your loved one while ensuring they remain eligible for crucial government benefits. A Long Island special needs trust lawyer from Greco Law, P.C. can provide you with crucial legal support to secure your loved one’s future.

At Greco Law, P.C., our empathetic legal team can help ensure that your disabled children or dependents are protected for years to come. We can help you develop an estate planning strategy in which your loved ones get the resources and care they need without jeopardizing Supplemental Security Income (SSI) or Medicaid. It’s never too early to start planning.

What Is a Special Needs Trust?

A Special Needs Trust, also referred to as a Supplemental Needs Trust, is a legal arrangement designed to supplement income provided by public assistance. It is not meant to replace government support. Under Medicaid law, people with disabilities who have assets worth a certain amount or more could lose their eligibility.

By putting these assets in a supplemental needs trust, disabled individuals can continue to receive government aid while receiving additional financial resources to cover services not paid for by SSI or Medicaid, such as at-home care personnel, recreational activities, therapy, and specific medical equipment or assistive devices.

How a Special Needs Trust Works

The person who creates a special needs trust must appoint a trustee who is in charge of managing the funds of the trust on the beneficiary’s behalf. The trustee has a discretionary duty to act in the interests of the beneficiary, making sure trust funds are spent appropriately. A fund’s mismanagement, self-payments, or failure to adequately maintain records can lead to legal consequences like criminal charges or repayment of funds that are abused.

The agreement of the trust should outline instructions for how to govern the trust. In the state of New York, the Department of Social Services (DSS) calls for accounting reports to watch over disbursements and ensure regulations are complied with. Ensuring the trust is adequately managed can guarantee the beneficiary’s lasting financial security.

Why a Special Needs Trust is Crucial for Long Island Families

Suffolk County, where Long Island is situated, is home to 512,280 households and has a disability rate of 6.5% for people who are under the age of 65. This means that many families are in need of estate planning strategies that can help them ensure the financial well-being of their loved ones.

Furthermore, given that total social assistance and healthcare receipts in Suffolk County reached 17.4 billion in 2022, it is clear that disability-related services are playing a key role in the community. For individuals living with a disability, ensuring continued access to these vital government resources is key to a healthy and happy life.

Why You Need a Long Island Special Needs Trust Lawyer?

Setting up and managing your special needs trust requires diligent legal considerations. A Long Island special needs trust attorney can assist you with making sure your trust is in compliance with New York State laws, meets Medicaid and SSI guidelines, and continues to be in your beneficiaries’ interest.

By working with a skilled and knowledgeable attorney from our firm in Long Island, you can avoid common mistakes that could interrupt the resources your disabled loved one needs – such as fund mismanagement or inadequate funding. We are ready to help you protect your loved one’s future, making sure they continue to receive access to quality resources, housing, and health care while maintaining their right to receive government benefits.

Special Needs Trust FAQs

Q: Who Can Benefit From a Special Needs Trust?

A: People who can benefit from a special needs trust include those who have disabilities and are currently receiving or may need government benefits like Medicaid or Supplemental Security Income (SSI). These types of trusts are specifically utilized for people under the age of 65 who could be left with excess resources that would otherwise deem them disqualified from receiving public assistance.

Q: How Does a Special Needs Trust Protect Government Benefits?

A: A special needs trust protects government benefits by transferring assets into an adequately structured SNT. This arrangement would mean the beneficiary is not the legal owner of the funds, which would prevent them from being counted as personal assets and impact their eligibility for benefits. The trustee manages the funds, making sure that they go towards expenses not covered by public programming.

Q: What Are the Different Types of Special Needs Trusts?

A: The different types of special needs trusts are First-Party SNT, Third-Party SNT, and Pooled Trust. A First-Party SNT is funded by the assets of the beneficiary, while a Third-Party SNT is made by family members or loved ones who transferred their own assets. A pooled trust is managed by a nonprofit organization that pools resources from various beneficiaries but keeps a separate account for each of them.

Q: What Can a Special Needs Trust Pay For?

A: An SNT can pay for expenses that improve the beneficiary’s quality of life, such as mobility devices, assistive technology, educational or vocational training, at-home care personnel, recreational activities, entertainment, and travel expenses related to health and well-being. It can also cover any medical therapies or treatments not paid for by Medicaid.

Q: Who Can Serve as a Trustee of a Special Needs Trust?

A: A trustee of a Special Needs Trust could be another family member, a lawyer, a financial institution, or a professional fiduciary. The SNT trustee has a fiduciary duty to manage the account in the interest of the beneficiary, making sure that funds are responsibly handled and comply with both federal and state laws.

Safeguard the Future of Your Loved One With a Skilled Attorney

If you have a loved one or dependent who is living with disabilities and currently benefiting from government payments, an experienced Long Island special needs trust lawyer from Greco Law, P.C. can help you understand how to protect your financial security in the future. Together, we can make a robust plan that brings peace of mind to your entire family. Contact us today to get started discussing your case.