Special Needs Planning

Estate planning is not always about planning for gifting your assets after you pass away. In fact, the most effective way to plan for your or your loved one's future involves life planning. How will you provide for yourself or your loved ones if you are incapacitated? How will a special needs adult or a minor child receive financial support?

These are complex issues that can be most effectively managed through special needs planning. Rather than simply saving your money, you can set up secure accounts like trusts that can protect financial assets and gifts from tax penalties and value losses. It can also ensure that any funds you have reserved for your loved one are used properly in his or her best interest.

An Attorney Can Help You Make The Right Decisions

Our New York estate planning attorneys at M. Joseph Levin,P. C., are dedicated to helping people plan for the unexpected. We take a client-centered approach to every case, which means when you contact our office, you will work with someone who directly answers your questions and treats you with the attention you need through the legal process.

Every estate involves different assets, and every special needs individual requires personalized care. Our goal is to make sure assets are preserved to the fullest extent possible and the special needs individual in your life has a secure future.

Why Isn't A Will Enough To Pass Assets To A Special Needs Individual?

A will is certainly an important estate planning document, but it does not necessarily help you manage how assets are transferred. It also leaves beneficiaries and heirs subject to tax penalties from estate gifts. Furthermore, assets are then vulnerable to actions against the beneficiary. For example, if a creditor has a claim against the beneficiary, the creditor may be able to pursue estate assets to cover the debt.

By setting up a trust or another more customizable and secure estate planning tool, you can manage how assets are transferred to a special needs individual. You can have funds distributed so that the individual has a steady income for basic living needs. This typically helps the beneficiary eligible for government benefits like Medicaid as well — crucial benefits for caring for your loved one's health and financial stability in the event of your incapacitation or death.

Let us organize a thorough estate plan for you and the special needs individual you care for. We can answer your questions and help you determine the proper course of action.