If someone in your family has a disability, it’s crucial to protect their future and ensure they have the financial support they need after your death. A special needs trust can help you protect your loved one’s access to government benefits and provide other financial resources to help them thrive.
The Westchester County estate planning lawyers at Amoruso & Amoruso LLP understand the importance of proactive planning when you or a loved one has a disability. New York law allows for several types of special needs trusts for disabled people, and our legal team can help you establish one that best suits your situation.
Our law firm has a unique connection to special needs trusts. Managing partner Michael J. Amoruso successfully lobbied Congress to change federal laws enabling eligible individuals to create their own trusts — an empowering move granting them rights they hadn’t had since 1993. Let us help you, too.
Call or contact us today for more information on special needs trusts in Westchester County.
What Is a Special Needs Trust?
A special needs trust (SNT) is a legal tool allowing disabled individuals or their families to set aside funds to enhance their quality of life without sacrificing their ability to qualify for government benefits like Supplemental Security Income (SSI) and Medicare/Medicaid. You place money or other assets into the trust for the individual’s benefit. Since the special needs person doesn’t control the assets in the trust, they remain eligible for public assistance programs.
Reasons to Hire a Special Needs Attorney in Westchester County
Hiring a Westchester County special needs trust lawyer can help ensure that you choose the most appropriate SNT and that it is set up correctly. An attorney will ensure the trust adheres to New York law so your family member doesn’t lose access to government benefits or incur unexpected penalties due to avoidable oversights. A special needs trust lawyer can also customize the trust to fit your family member’s unique situation by addressing their needs and long-term care plans.
Types of Special Needs Trusts
Three types of special needs trusts in New York can benefit people with disabilities, including:
- First-party special needs trust – This type of trust is funded with assets that belong to the person with a disability, like an inheritance or personal injury settlement.
- Third-party special needs trust – This kind of trust is created by family members (often a parent or grandparent) to benefit a person with a disability using the family member’s assets.
- Pooled special needs trusts – Nonprofit organizations manage pooled SNTs, which combine the resources of many beneficiaries into a single trust. Beneficiaries can use their funds during their lifetimes, but any remainder stays in the pool after their death.
How To Set Up a Special Needs Trust in Westchester County
To establish a special needs trust in Westchester County, consult an experienced estate planning attorney to ensure the SNT protects the individual’s access to public benefits. An experienced lawyer will advise you on the type of trust that best fits your circumstances and its impact on your overall estate plan. You must also choose a reliable trustee to manage the trust and handle its funds responsibly.
Next, your attorney will draft the trust document outlining how the assets will be used for the beneficiary’s care. Once the trust is established, it will be funded by transferring either the money, property, or other assets of the individual or a family member into the trust.
Contact a Skilled Estate Planning Lawyer Now
Setting up a special needs trust in Westchester County requires extensive legal support and knowledge. With nearly 60 years of combined legal experience, the attorneys at Amoruso & Amoruso LLP can help you make decisions that give you confidence and peace of mind that your affairs are in order. Call or contact us today for a confidential consultation.
