Helping You Understand The Benefits Of A Special Needs Trust
Many families who have loved ones with disabilities or special needs generously contribute money to support their health and welfare while in long-term residential care or a group living environment. But when family members begin to age, they often begin to worry about how to continue the financial support after passing away.
At Futterman, Lanza & Pasculli, LLP, special needs planning is part of what we do regularly. Our skilled attorneys and knowledgeable support staff are dedicated to developing customized strategies to fit every family’s specific needs. From our main offices in Smithtown, Bay Shore and Garden City, as well as satellite offices in Southampton, our lawyers provide legal counsel for families caring for loved ones in Nassau County, Suffolk County, Long Island and communities throughout New York.
Special needs trusts may be set up as living or testamentary trusts. The grantor establishes the terms and conditions under which the assets will be distributed to support their loved one with special needs, ensuring that the beneficiary will not lose public benefits. These trusts are designed to enhance the quality of a disabled person’s life, not to replace or supplant his or her public benefits. Medicaid and SSI can continue even when trust assets are available.
By crafting special needs trusts to meet specific goals, we are able to give families the comfort and confidence of knowing that their loved one will continue to receive financial assistance for housing, health and welfare needs continuously, even when the financial benefactor has deceased.