Special Needs Trusts Can Safeguard Benefits for Children with Disabilities
Families can get help from special needs planning lawyers to create special needs trusts that protect access to government benefits.
In New York State, parents may use several types of special needs trusts to ensure a child with disabilities maintains access to key government services.
WESTCHESTER, NEW YORK, UNITED STATES, December 13, 2022 /EINPresswire.com/ -- Parents of people with disabilities face difficult decisions to ensure the long-term financial security of their children.They can pass money to their children. Relatives and friends can gift money. If the person with disabilities has received any settlements, such as injury or medical malpractice claims, those funds can apply toward their long-term support.
Assets such as those, however, can also undermine a recipient’s ability to qualify for key government assistance programs. So family members may want to create a special needs trust1.
Health care services through Medicaid and direct monthly financial support through Supplemental Security Income (SSI) are designed for people of limited means and have strict limits on the assets an applicant can hold and still qualify for benefits.
Placing funds in a special needs trust, however, may shield those assets from being counted for Medicaid or SSI eligibility.
Special needs trusts come in four major types in New York State2: funded by the parents, funded by anybody who contributes, funded by money already in the child’s name, or managed by a non-profit organization that pools money from multiple beneficiaries.
Anyone considering special needs trusts, or other plans for the future of a child with disabilities, should consult with a special needs planning lawyer. In New York, the Cuddy Law Firm is an experienced team of lawyers helping families through this decision-making process.
Learn more about special needs planning from the attorneys at Cuddy3 .
Adrienne Arkontaky / Vice President
Cuddy Law Firm, P.L.L.C
+1 914-984-2740
email us here
1 https://cuddylawfirm.com/special-needs-planning/what-is-a-special-needs-trust/
2 https://cuddylawfirm.com/special-needs-planning/what-is-a-special-needs-trust/types-special-needs-trusts/
3 https://cuddylawfirm.com/special-needs-planning/when-and-why-do-parents-need-special-needs-planning/
