Having an adult child who has special needs often requires planning for the future. After all, your child's condition may make it exceedingly difficult both to work and to pay for living expenses. If you are thinking about using your estate plan to provide for your...
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The do’s and don’ts of administering a special needs trust
Parents of New York children with special needs often establish special needs trusts as a way of leaving assets behind for the child without disqualifying him or her from public assistance. Special needs trusts are complex and sometimes difficult to administer....
Should I use life insurance to help my special needs child?
As the parent of a special needs child, you probably worry about how to provide for your child after your death. You may have heard that taking out a life insurance policy on yourself is one way to secure your child’s future. A whole life insurance policy may be of...
How can a letter of instruction help special needs planning?
You understand that your special needs child will have challenges exercising self-care when you are no longer around. With a special needs trust, you can put aside money to provide for your child’s needs. But you should do more than just establish a trust. Writing...
How do first- and third-party special needs trusts differ?
As a New York parent of a child with special needs, you may need to take extra time and care when making an estate plan so that you do not jeopardize your son or daughter’s eligibility for government benefits. Many parents of children with disabilities create special...
What “magic words” are needed to create a special needs trust?
If you have a child with special needs - one who cannot care for himself or herself without adult assistance - what will happen when you're no longer around to help? Perhaps a relative will be available to help your child. Or, maybe no one will be able to fulfill your...
Should you create a special needs trust for your autistic child?
The diagnosis of autism in young children is on the rise. Nearly 2 percent of male infants and 0.5 percent of female infants are born with autism and eventually diagnosed. Overall, that means that 1 in every 68 children born in the United States has an Autism Spectrum...
The ABCs of SNTs (Special Needs Trusts) – Part 2
Special Needs Trusts, also known as Supplemental Needs Trusts (SNT), play an important role in the planning for a disabled individual. Continuing from my last post, here are a few additional SNT options: Pooled Self-Settled SNTA pooled self-settled SNT is managed by a...
The ABCs of SNTs (Special Needs Trusts) – Part 1
Millions of baby boomers are coming of age. It has been well documented, particularly in recent years, that these individuals will soon have a significant impact upon our medical and long-term care infrastructure. Often overlooked, however, is the fact that baby...
