Special Needs Trust Lawyer Queens
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Only a Skilled Lawyer can Help You Establish a Special Needs trust
We don’t choose who to have in our families, but we can dictate what to do to make them happy. Statistics show that the percentage of disabled people in New York at 24.8 percent.
To protect the person with special needs, you need to establish a trust that provides for the person without limiting their eligibility for benefits from the federal government.
When coming up with a trust, understand that the amount the person receives is affected when they receive an inheritance or a gift.
The Need for the Trusts
Apart from securing government benefits for the special needs person, the trusts are also applied to inheritance distribution, or to handle the process of a personal injury settlement. We have had clients that didn’t know what the trusts were for but established them very fast on understanding what they do.
These trusts are also tax-deductible, and the assets in the trust won’t be attached by creditors in whichever case.
The only thing you need to do is to come up with the right trust, and this is where you need the best special needs trust lawyer.
Funding the Trusts
After we come up with the trust, you have to fund it. Since you are new to the concept, we shall give you a way to determine how much you need to put in the trust for it to be useful to your loved one.
The good thing is that you can fund the trust from various sources – ranging from donations to funds from a will. Regardless of the source of the funds, the key thing is that you are putting it in the trust to help the beneficiary.
You need Several Documents
Would it be nice to know what documents to come with when opening the trust so that you don’t have to schedule another meeting with us?
The law in New York requires that you have a set of documents that include:
- A title to the document, which can be “supplemental needs trust” or “irrevocable special needs trust.”
- Have the legal names of the disabled person that you need to designate as the beneficiary of the trust.
- Have a name for a set of trustees that will manage the assets according to the trust.
When you come with these requirements, the role of the special needs trust lawyer in Manhattan is to see to it that the language in the trust document makes it impossible for the beneficiary to use the funds for something other than what you have specified.
We also make sure the document is drafted in such a way that it doesn’t interfere with the eligibility of the beneficiary to state funds.
Do You Need Our Services to Create the Special needs Trust?
Creating a special needs trust is way different from any other trust. This is because the document applies to limited circumstances. To this end, you need to work with only a highly qualified special needs trust lawyer.