Rockland County Special Needs Trust Lawyer

Rockland County Special Needs Trust Attorney

If you are considering the financial security and future of a loved one with special needs, a special needs trust might just be the perfect fit. It is common for most estate plans to name certain beneficiaries in a will. However, if those beneficiaries have special needs, this can actually cause financial issues for them in the future and potentially disqualify them from necessary governmental programs. A Rockland County, NY, special needs trust lawyer can help.

What Is a Special Needs Trust in New City, NY?

A special needs trust, or SNT, is a legalized agreement that allows an individual with severe and life-long disabilities to have support after the passing of an individual on whom they were dependent. The trust serves as a means by which this person with special needs can continue to receive funds necessary for their ongoing needs without compromising their qualifications for certain government assistance programs, such as Medicaid or Social Security.

Typically, a special needs trust is established within the framework of a will and becomes effective upon the death of the grantor, or the individual who established the trust. The primary focus of a special needs trust is to provide monetary support to the disabled individual beyond the provisions of the state or federal government, yet protects the individual from exceeding the asset limit set by government programming.

Types of Special Needs Trusts Available in Rockland County

There are various types of special needs trusts available to individuals residing in Rockland County, NY. These trusts can be funded through several means, including a parent or grandparent naming the special needs trust as the beneficiary of a life insurance policy. However, the most common way that these trusts are funded is by the grantor, typically a parent, making regular payments to that trust while they are still alive.

The most common kinds of special needs trusts include:

• Third Party Trust. This is the most common form of a special needs trust and is funded by the assets of the grantor. If you have a child, grandchild, or other family member with a disability and would like to grant them financial stability and assistance to help with their care even after you are gone, this might be the correct form of special needs trust for your situation.
• Self-Settled Trust. This form of special needs trust is funded through the assets of the beneficiary. This might be the right type for situations where the individual with special needs owns a significant number of assets, such as in cases where the individual has won a large, legal settlement. The trust still needs to be set up by a parent, guardian, or legal representative, even if the assets included are the property of the person with disability.
• Pooled Trust. This type of special needs trust is also funded by the assets of the beneficiary; however, it is created for the benefit of more than one disabled individual. The assets of multiple beneficiaries are used to fund this trust and are managed for administration purposes.

Speak With a Compassionate Rockland County Special Needs Trust Lawyer

If you have a loved one with special needs and hope to provide them financial stability after you are gone, that does not impact their governmental benefits, a special needs trust might be the right option for you. Contact the offices of Greco Law today to learn more.