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Elder Law in NYC
elder law

Elder Law in NYC 2024

Elder Law in NYC 2024: Navigating Legal Challenges with Morgan Legal Group As 2024 approaches, navigating the complexities of elder law in New York City

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Probate in New York
Probate

Probate in New York 2024

Comprehensive Guide to Probate in New York 2024 As we step into 2024, the probate process in New York City continues to be a pivotal

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Estate Planning
Estate Planning

Estate Planning in New York 2024

Estate Planning in New York 2024: A Comprehensive Guide by Morgan Legal Group The landscape of estate planning in New York is ever-evolving, with 2024

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Article 81 Guardianship New York
Estate Planning

Article 81 Guardianship New York 2024

Article 81 Guardianship in New York Article 81 guardianship in New York plays a crucial role in safeguarding the interests of incapacitated individuals. As we

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Is trust better than inheritance?
Trusts

Is trust better than inheritance?

Is Trust Better Than Inheritance in New York? When planning to transfer assets to future generations in New York, individuals often decide between establishing a

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Can I do my own probate?
Estate Planning

Can I do my probate?

Can I Handle Probate on My Own in New York? Probate is the legal process of validating a will and administering the estate of a

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An Overview Of Elder Law In 2024
Estate Planning Law

An Overview Of Elder Law In 2024

An Overview of Elder Law in New York 2024 Elder Law is a specialized legal field that addresses the unique needs and challenges faced by

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How do I organize my estate documents?
Estate Planning

How do I organize my estate documents?

Organizing Your Estate Documents in New York Organizing your estate documents is a crucial aspect of responsible financial planning and ensuring that your wishes are

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Who decides if probate is needed?
Estate Planning Law

Who decides if probate is needed?

Who Decides If Probate Is Needed in New York? The probate process plays a crucial role in estate administration, but not all estates require it.

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LGBTQ Divorce in New York
Family law

LGBTQ Divorce in New York 2024

LGBTQ Divorce in New York Divorce is a complex and emotional process for anyone, but for LGBTQ couples, it can come with its own set

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Elder Law in New York
elder law

Elder Law in New York 2024

Explore the latest updates and changes in Elder Law for 2024 in New York. As we enter 2024, it’s essential to stay informed about the

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There may come a point in your life where you’ll need to have a special needs trust. Maybe you’ll be designated as a trustee or have a trust for your child. What does all this mean? A trust is a legal arrangement in which a person or a financial institution, the trustee, holds and manages assets for the beneficiary. This article focuses on a special needs trust.

A special needs trust (SNT) is a trust preserving the beneficiary’s eligibility for government benefits including Medicaid and Supplemental Security Income. Since the beneficiary doesn’t own the assets in the trust, they are eligible for benefit assistance programs with an asset limit. The trustee will supplement but not replace the beneficiary’s government benefits. Supplemental Need Trust are  created to help cover costs not covered by Medicare or Medicaid.

A first-party SNT, also called a “self-settled” or “(d)(4)(A) trust,” is funded with assets or income that belong to an individual with a disability. Federal law states the beneficiary must be under the age of 65 when the trust is created and funded. Usually funding comes from a personal injury settlement or inheritance.

A third-party SNT, is funded with assets belonging to a person that is not beneficiary. No funds of the beneficiary are used for the trust. Typically, funding comes from gifts, inheritance from and life insurance. This trust doesn’t have to pay Medicaid back if terminated, the person who created the trust chooses how the trust estate is distributed when the beneficiary dies.

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