The trust is an important tool for passing on wealth in a way that allows you to have some control over the conditions and details of the transfer while minimizing tax consequences. A supplemental needs trust is meant to supplement the financial aid that the beneficiary is receiving from government assistance programs. It is an intelligent way to make sure your special needs child has the needed financial help for years to come.
With offices in Manhattan and Queens, we also serve clients in Brooklyn, lower Westchester, Nassau County and the entire New York City metropolitan area in estate planning, Medicaid planning, and probate and estate administration. With more than 25 years of experience, attorney Ball can help you establish a supplemental needs trust that will best suit your needs. If you are looking to pass on wealth to someone with special needs, contact the Law Offices of Deborah S. Ball.
Types of Supplemental Needs Trusts
The first-party trust can be funded by the beneficiary’s assets — through a personal injury award, for example — but this type of trust requires payback to the public assistance programs from which the beneficiary drew for financial help.
In most cases, the third-party trust is the best long-term care planning option. It can be funded from sources like financial gifts, life insurance policies and the like, and there is no required payback to Medicaid or other government assistance programs. The third-party supplemental needs trust is a solid asset protection mechanism, which will give you the opportunity to make sure your disabled son or daughter receives the necessary financial care. You can enhance your child’s life without damaging his or her governmental entitlement.
Get Started By Discussing Your Needs With A Lawyer
To speak with an attorney about establishing a supplemental needs trust, contact the Law Offices of Deborah S. Ball online.
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