For many people, being there for family is what matters most. This is especially true when a family member is living with a disability. A special needs trust can provide financial security for a family member who is living with a disability.
For years, MCV Law's compassionate and experienced estate planning attorneys have been helping Central New York families establish special needs trusts.
We have the skills, and we have the knowledge. Our goal is to help you reach yours. We're here to listen to your story, and help you draft a document that protects your loved one's future. Get answers to your questions about a special needs trust today.
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How Does a Special Needs Trust Work?
If you have a child (or grandchild) with disabilities who is receiving government benefits (such as Social Security, Supplemental Security Income or Medicaid), you can make a special needs trust that will give them money in addition to their government benefits.
A special needs trust establishes a trustee who has the power to decide how and when the assets in a trust can be accessed by the family member with a disability. It’s important that a special needs trust is written correctly. If it’s not done right, the disabled family member could lose their government benefits.
MCV Law has a record of results, helping families create special needs trusts that allow loved ones to continue to collect government benefits while also receiving funds from your special needs trust.
Get peace of mind and provide financial security for your family with a special needs trust. To take the important first step, all you have to do is connect with our team.
What Can a Special Needs Trust Be Used for?
The assets in a special needs trust are intended to cover financial expenses that government benefits will not. A special needs trust is a versatile option for achieving financial security and paying for essential care for a family member with a disability.
A special needs trust can cover various expenses for disabled family members, including but not limited to:
- Medical expenses
- Paying for caretakers
- Transportation costs
The Trusted, Local Attorneys for a
Special Needs Trust near Syracuse NY
For years, MCV Law's estate planning attorneys have helped families create fully customized special needs trusts. While MCV Law has law offices in Syracuse NY, Auburn NY and Chittenango NY, for your convenience, our lawyers can travel to clients throughout much of New York state, including but not limited to the following areas:
- Rome NY
- Utica NY
- Oneida NY
- Watertown NY
- Cortland NY
- Ithaca NY
- Fulton NY
- Oswego NY
- Fayetteville NY
- Baldwinsville NY
- and more
Don't see your city or town listed? If you live in Upstate NY, we still may be able to help.
How is a Special Needs Trust Funded?
Assets in a special needs trust can come in the form of gifts, an inheritance or from a life insurance policy. Self-funded special needs trusts are another type of special needs trust where the individual with disabilities can put money into their own trust. However, self-funded special needs trusts may be subject to Medicaid repayment requirements. Having a lawyer's guidance on how to fund your trust is key for protecting your best interests.
There's A Lot to Consider with a Special Needs Trust.
MCV Law's Estate Planning Lawyers Help Make Sense of Your Options.
Between Medicaid repayment regulations, income requirements for beneficiaries and a range of other considerations, establishing a special needs trust is not a DIY job.
MCV Law's trusted estate planning attorneys will take the time to understand your goals, creating legal documents and establishing a special needs trust that provides financial security for your family without jeopardizing government benefits.