There are many ways for people to prepare an estate plan that allows them to care for loved ones when they are no longer around to do so themselves. This is especially important for those who wish to provide for loved ones who have special needs. There are a variety of ways this can be done that are better than including the individual in a will or trust. Continue reading below to learn more and contact an experienced New York estate planning attorney for assistance.
Why is a Will or Trust Not Enough?
It is important to know that direct distributions of funds from an estate plan can inadvertently disqualify a person or their loved ones from government benefits. That is why a special needs estate plan should be made to provide the individual with more than just essentials. A special needs estate plan can focus on unknown issues that arise overtime and ensure the loved one will never be without certain “non-essentials.” This includes things that are not covered by government-funded programs, such as companionship, clothing, any necessary aid, dental care, the ability to see family, and more.
Who Needs a Special Needs Estate Plan?
There are many different individuals who may need the help of a special needs estate plan. This includes those who cannot live independently because they have certain conditions, such as autism or Down Syndrome. Others who may need this plan can include individuals with a progressively debilitating disease, such as Parkinson’s, Alzheimer’s, or ALS.
What is a Third-Party Supplemental Needs Trust?
What is needed in an estate plan can vary depending on a family’s needs. For some, a third-party supplemental needs trust may be beneficial. This is not an estate plan, rather a trust that benefits a person with special needs through a third party. This person is often a family member or friend. It is created with money set aside to provide for the person with a disability to make assets available to them. This is done without making them ineligible for public benefit programs, such as Medicaid and supplemental security income (SSI).
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.