New York City Special Needs Trust Lawyer

New York City Special Needs Trust Attorney

From the neighborhoods of Harlem to communities across Queens, Brooklyn, and beyond, estate planning can be crucial if you care for a loved one with special needs. If you have a child with special needs who counts on you for care, now is the right time to begin planning for their future. In your estate plan, it is vital that you provide for them, but you want to do so in a way that doesn’t harm their benefits, and a New York City special needs trust lawyer can help.

At Greco Law, P.C., we have decades of experience helping families just like you. From our offices in New York City, Westchester, and those on Long Island, we are prepared to help you and your loved ones plan for a secure future, even in the event you are no longer with us. We understand the challenges faced by families with special needs loved ones and are here to offer personalized legal care to ensure your loved one has a plan for a secure future.

Defining a New York City Special Needs Trust

In 2024, only about 32% of Americans had an estate plan in place. This is quite a staggering number, as these plans are essential to the protection of your assets and the future stability of your loved ones, especially after your death. One of the most crucial tools in your estate planning arsenal is a special needs trust. This trust cares for any loved ones you might have who suffer from certain disabilities.

A special needs trust protects and manages any assets you leave to your loved one that would otherwise disqualify them from seeking the necessary government benefits and assistance, such as Medicaid or Supplemental Security Income. In New York, there are two main types of special needs trusts that you can create to benefit your loved one, including:

• First-party special needs trust. This kind of special needs trust is usually created by a parent, legal guardian, or grandparent using the beneficiary’s assets, whether that be their earnings, an inheritance left to them, or money from a personal injury award. There is a payback provision for this trust, meaning that upon the death of the beneficiary, the trust must pay the state back for any benefits received.
  It is important to keep in mind that these trusts will require annual reports and must follow the accounting requirements of the state of New York.
• Third-party special needs trust. These trusts are typically set up by a third party, such as a parent or grandparent, and are funded with the money of these parties. There is no payback provision since it is not the child’s money being used to fund the trust. In the case of the beneficiary’s death, however, the trust would be paid out in a certain order.

Benefits of a Special Needs Trust in NYC

Nearly 11% of the population of NYC lives with some form of disability. This makes having a special needs trust vital for many families in and around the city. There are several benefits to setting up a special needs trust in NYC, including:

• Monetary security. With a special needs trust, you can protect your assets and your loved one’s ability to seek government benefits. This can ensure that your loved one has the financial resources they need without sacrificing necessary governmental assistance.
• Access to services. Setting up a special needs trust can ensure your loved one continues to have access to necessary housing and health services. It can ensure they maintain their eligibility, regardless of any changes in their personal finances.
• Continued care. Your trust will long survive you and can ensure that your special needs child or loved one is still cared for upon your death.

FAQs

Q: What Is a Trustee’s Role in a Special Needs Trust?

A: A trustee’s role in a special needs trust is to manage all finances and resources held within the trust and navigate the complicated government systems that come along with your loved one’s benefits. When you are establishing a special needs trust, it is important that you name an individual to the role of trustee who you believe is trustworthy and capable of fulfilling the duties of their job.

Q: What Can a Special Needs Trust Pay for in NYC?

A: In NYC, a special needs trust can pay for several key things that improve quality of life. It can pay for clothing, education, essential dietary needs, healthcare costs and expenses related to medical procedures, personal care products, personal services such as house-cleaning or lawn mowing, vocational rehabilitation, appliances and other household goods, and transportation.

Q: How Much Does It Cost to Set Up a Special Needs Trust?

A: It can be difficult to offer an exact number as to how much it might cost to set up a special needs trust in NYC. There are several variables in these cases that can influence the final costs involved. These variables can include the complexity of the potential trust and whether there are any legal disputes involved.

Q: What Are Some of the Complications of Administering a Special Needs Trust?

A: There are several complications that can arise when administering a special needs trust, one of the biggest being naming a trustee who is unable to do the duties of their title. This is why having an attorney on your side throughout the process is so essential. They can ensure the trust is created in a way that avoids these complications.

Speak With a Compassionate NYC Special Needs Trust Lawyer Today

If you believe you and your loved one with special needs would benefit from a special needs trust, the team at Greco Law, P.C. is here to help.

Allow our estate planning attorneys to come alongside you and your loved ones at this time to review your case and the needs of your disabled family member. We can help craft a trust that can provide for them and still allow them to obtain the necessary benefits given by the state. Contact us today to learn more information.