Smithtown trust attorneys at Eghrari Wealth Training Law Firm can provide you with assistance making certain your disabled child is provided for. If you have a child with a disability, you know that you will likely need to provide your child with some degree of financial support for the rest of his or her life — even after you pass on. However, you need to be strategic about how you provide for your child with a disability to avoid losing access to means-tested benefits or to avoid other problems that could result if you don’t structure an inheritance appropriately.
To learn more about how our firm can help you with providing for a child with a disabling condition, contact Eghrari Wealth Training Law Firm today for assistance. We can provide personalized advice and walk you through the process of making effective use of the appropriate legal tools necessary to provide for your disabled son or daughter. Give us a call today to get your plans underway.
Why Smithtown Trust Attorneys Should be Consulted if You Have a Disabled Child
Smithtown trust attorneys should be consulted if you have a disabled child because attorneys at Eghrari Wealth Training Law Firm can help you to create a special needs trust. A special needs trust is a specific type of trust that allows you to provide for your child without causing a loss of access to means-tested Medicaid benefits.
Medicaid benefits may be the only source of insurance your child can access if he or she is too disabled to work and can’t get employer coverage or afford private coverage. Having too many financial resources makes it impossible to obtain Medicaid coverage, and giving your disabled child a direct gift could cause ineligibility for Medicaid. Benefits could be stopped because of an inheritance unless you structure it appropriately. With a special needs trust, the trust owns the assets instead of your child owning the assets so you do not have to worry about the money or property you provide to your child causing a loss of benefits eligibility.
You can also make sure that you have chosen a responsible trustee to manage the money and property that you leave in trust for your disabled child. Since your son or daughter may be unable to manage the assets on his or her own due to the disabling condition, having a responsible trustee to manage wealth is vitally important.
Finally, your attorney can assist you in making sure you fully fund the trust for your disabled child. Eghrari Wealth Training Law Firm will provide you with advice on what assets you can transfer to the trust and will help you to formally change ownership of those assets so the trust is the new owner. We can also help you to determine if you should purchase a life insurance policy and make the trust the beneficiary.
Getting Help from Smithtown Trust Attorneys
Smithtown trust attorneys at Eghrari Wealth Training Law Firm will work closely with you to create a special needs trust, to determine an appropriate approach to funding the trust, and to choose a trustee who you can count on to manage the trust assets appropriately to provide for your disabled son or daughter. We know how important it is to you to make sure your children are appropriately cared for throughout their life and we will help to make that happen using the legal tools that are right for you.
To find out more about how our firm can help you provide for a disabled child, join us for a free seminar. If you are ready to get your personalized plans underway, give us a call at (631) 265-0599 or contact us online today.