Most individuals with special needs rely on Medicaid as a source of much needed health insurance. Since this program is only available to people with very sparse financial resources, there is an income limit. In the state of New York at the time of this writing, the limit on countable assets is just $15,450. If you have a loved one with special needs, you may want to utilize resources to make your family member more comfortable. The fact that there is this asset limit that governs Medicaid … [Read more...] about Special Needs Planning and Medicaid Recovery
If you are fortunate enough to have enough resources to help family members, you should definitely seek legal advice before you take certain actions. There can be tax considerations and other complexities to navigate. This definitely enters the picture when it comes to providing assets for the benefit of a child or adult with special needs. Government Benefit Eligibility People with disabilities are going to need very costly medical care and treatment throughout their lives. For example, it … [Read more...] about Planning for a Person With Special Needs
We always emphasize the importance of personalized attention when it comes to estate planning, because each case is unique. That there are many different approaches that can be taken, and the right one will depend upon the circumstances. This is true in a broad sense with regard to the primary vehicle of asset transfer you utilize. At the same time, you should also consider the life situation of each person on your inheritance list. What may be best for one individual may not be appropriate … [Read more...] about Special Needs Planning Can Preserve Benefits
A special needs planning attorney can provide you with help if you are the parent, guardian, or relative of a special needs child. If your child has special need, you need to think differently about your estate planning process and you need to get plans in place for the future as soon as possible in case something happens to you. You face different challenges than many parents who assume their children will become independent adults, and you want to ensure that you have done everything possible … [Read more...] about Making Plans for the Care of a Special Needs Child
A Smithtown special needs planning attorney provides help to parents, relatives and loved ones who wish to provide an inheritance or a financial gift to someone who has a disabling condition. It's vitally important that you talk with an experienced attorney about how to structure a gift or an inheritance if you are going to be providing items or assets of value to someone who is disabled. If you do not put the right plans in place and the disabled person who you provide a gift to receives an … [Read more...] about Why is Special Needs Planning Important to Ensure Continued Access to Medical Care?
Special needs planning is important for lots of different reasons, including to provide protection for important benefits during the lifetime of a disabled person. Special needs planning can also affect the Medicaid estate recovery process. You need to understand what the Medicaid estate recovery process is and how special needs planning works if you are planning on making any gifts or providing any financial assistance to someone with a disability. Mark S. Eghrari and Associates PLLC … [Read more...] about Special Needs Planning & Medicaid Estate Recovery Rules
On the surface, no one would have any concerns about receiving an inheritance. When you are devising your estate plan, everyone that you include will obviously be appreciative. However, there are some extenuating circumstances that can enter the equation. Consider the life situation of a loved one with special needs. Many people with disabilities cannot earn income on their own, and they do not have health insurance. Everyone needs income, and health insurance is important as well, but it is … [Read more...] about Can an Inheritance Cause a Loss of Government Benefits?
We are very proactive about the dissemination of useful information about estate planning topics that many people overlook. Far too many people act without full knowledge of all the facts, and they often make assumptions that yield negative consequences. You will find a steady stream of information published right here on our firm's law, and we have also compiled a comprehensive library of in-depth special reports that you can access through this website free of charge. Another channel … [Read more...] about Our Forbes Article Explains Special Needs Planning
You have to be very discerning when you are leaving assets to your loved ones. There are different methods that you can utilize, and the optimal choice will vary on a case-by-case basis. With this in mind, we will look at the value of third party special needs trusts in this post. Government Benefits If you have a family member with special needs, you have to take government benefit eligibility into consideration. Many people with disabilities are enrolled in the Medicaid program. This is … [Read more...] about What Is a Third Party Special Needs Trust?
Before we look at the distinctions between the different types of special needs trusts, we should explain the value of these legal devices. People who are disabled are clearly going to need health insurance. Care and treatment can cost millions of dollars over the course of a lifetime under some circumstances, so coverage is absolutely essential. Most people get health insurance through their jobs, and many people who are disabled cannot work and earn income. They don't have health insurance … [Read more...] about Are There Different Types of Special Needs Trusts?