Special Needs Trust in New York
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important things you should know
Questions And Answers
A pooled trust is another type of special needs trust. This type of trust is maintained by a nonprofit organization and focuses on many beneficiaries at once.
This is another type of special needs trust whereby the parents, guardians, or loved ones of an individual establish the trust.
A special needs trust is a very beneficial tool. Whether you are worried or not about government benefits, having a special needs trust is still a very smart move to make. Everyone’s situation is different. No one is required to create a special needs trust fund but having one will ensure that the funds are protected.
The sooner the better. Oftentimes, people procrastinate. They wait and they wait, and the longer they wait the more difficult the process becomes. If you have a child with a disability, even if they were born with it, it is always better to begin the process as soon as possible.
If you establish a special needs trust in New York early rather than later, you are helping yourself. You are making sure that the trust has time to grow. Over time, contributions can be added and help the fund grow without fear of penalties. This reserves more time for the fund to become bigger for the individual, which will help them greatly the older they get.
No. It does not matter what disability the person has. It does not matter if they were born with it or not. The special needs trust will always be available to them, and it will always be an option if they don’t have one yet.
Special needs trusts can be complicated. It is necessary to have an attorney who has knowledge and experience to help guide you through the process. Drafting a special needs trust in New York is important. You do not want any mistakes.
Yes. Having a dedicated attorney to help with the special needs trust will ensure that it is worded in a way to avoid misuse of funds. To avoid this unfortunate circumstance, it is important to have clear, concise instructions in the trust. A lawyer will ensure these instructions are drafted and followed.
This is a common mistake for people who try to create a special needs trust in New York by themselves. If a special needs trust is “revocable” then it can be labeled an asset by the government, thereby potentially hurting the threshold of the individual, which in turn can make them ineligible for some forms of government assistance.
An estate planning attorney can help with a special needs trust. Estate planning and trusts work together with each other. An estate planning attorney will be able to help you with the trust, and they will help you navigate all the difficulties that may come about. It will make the process run smoothly.