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Estate Planning

Probate NYC Lawyer

The New York City Probate Process The New York City probate process is quite different from that of other states, and this is because the

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Business Litigation in Staten Island
Estate Planning

Business Litigation in Staten Island

Estate Planning Lawyer & Business Litigation Services Estate Planning Lawyers in Staten Island can involve a wide range of disputes, from contract disputes to breach

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Probate in Buffalo NY

Probate is a legal process which is used by the court of law to determine if the last will and testament of a deceased person

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Estate planning lawyer Benefits
Estate Planning

Benefits of an Estate Planning Attorney

Estate planning lawyers are certified and experienced persons having a professional understanding of estate planning matters and the state and federal laws that govern the

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Definition of Guardianship
Estate Planning

Definition of Guardianship

Definition of Guardianship? A guardianship is a legal relationship that gives one or more individuals the authority to make personal and health-related decisions on behalf

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5 Estate Planning Myths
Estate Planning

5 Estate Planning Myths

Understanding who needs an estate plan and what it should cover is key to creating a plan that is right for you. A properly crafted

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What if there is no will?
Estate Planning

What if there is no will?

Will Lawyer Near Me For A Will On the off chance that you’ve as of late lost a friend or family member, you might have

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Probate Attorney Ulster County
Estate Planning

Probate Attorney Ulster County

Probating a will is no joke. Being an executor of a will require more than just following written instructions on how to distribute property to

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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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