Estate Planning Isn’t Just For The Elderly

Smiling childing with special needs on his mother's back in the forrest.

FAQs About New York Special Needs Planning

How can I ensure my special needs child maintains government benefits after inheriting my assets?

To protect your child’s eligibility for government benefits like Medicaid and Supplemental Security Income (SSI), you may consider establishing a Special Needs Trust (SNT). Assets placed in a properly drafted SNT do not count as resources when determining eligibility for these programs. Our experienced attorneys can help you create a trust that complies with New York law and serves its intended purpose.

What’s the difference between a first-party and third-party Special Needs Trust in New York?

A First-Party Special Needs Trust holds assets that belong to the individual with special needs, such as an inheritance. These trusts are subject to Medicaid payback provisions, meaning any remaining funds after the beneficiary’s death must pay back Medicaid for benefits provided.

A Third-Party Special Needs Trust is funded with assets belonging to someone other than the individual with special needs. These trusts are not subject to Medicaid payback provisions, and the remaining funds can be passed to other beneficiaries upon the child’s death.

Who should I choose as trustee for my child’s Special Needs Trust in New York?

Selecting the right trustee is very important. A trustee should be knowledgeable about New York trust laws, government benefit rules, and financial management. Options include a trusted family member, a professional trustee, or a corporate trustee.

How do ABLE accounts work with Special Needs Trusts in New York?

ABLE accounts and Special Needs Trusts can complement each other. ABLE accounts allow individuals with disabilities to save up to $17,000 per year without affecting Medicaid or SSI benefits. These accounts are ideal for managing smaller expenses, while Special Needs Trusts are better suited for holding larger sums of money. An experienced attorney can help you coordinate these tools effectively.

What happens to my special needs child’s care if both parents die or become incapacitated?

A comprehensive plan can ensure your child’s continued care. You can nominate a guardian in your will for your child and fund a Special Needs Trust that will be managed by a professional or other successor trustee for continuity.

Let Us Help You With Special Needs Planning

Consult a lawyer at Enea, Scanlan & Sirignano, LLP, today by calling 914-269-2367 or contacting us online. We have offices in both White Plains and Somers and help clients throughout Westchester County.