New York special needs trust attorney Yana Feldman (https://yanafeldmanlaw.com/q-a-5-frequently-asked-questions-about-special-needs-trusts/) has recently released an enlightening article titled 'Q & A: 5 Frequently Asked Questions About Special Needs Trusts'. This piece addresses the common queries about special needs trusts, their purpose, and how they can help secure the financial future of individuals with special needs.
In the first few paragraphs, the article underscores the importance of understanding the intricacies of special needs trusts. The New York special needs trust attorney explains how these trusts can assist in providing financial security to a loved one with special needs, without potentially compromising their eligibility for vital government programs.
The New York special needs trust attorney emphasizes, "It's common for individuals to name their loved ones as beneficiaries in a will, but this can unintentionally lead to financial disruption. By doing so, individuals could unintentionally disqualify them from crucial government programs, causing them to lose vital financial and medical assistance."
Feladman further elaborates on the features and benefits of a Special Needs Trust (SNT), also referred to as a supplemental needs trust. She describes SNT as a reservoir of funds that aims to enhance the quality of life for people with severe, long-term disabilities, without compromising their eligibility for government assistance.
The article goes in-depth about the structure and legal requirements of an SNT, ensuring that readers understand its purpose, benefits, and implications. Feldman explains, "The creation of an SNT in New York follows the same requirements as any valid trust. However, it must also include specific provisions mandated by New York State law. If correctly drafted to align with these laws, the trust assets won't be considered when the government determines eligibility for aid."
The piece also provides practical insights on the various aspects of a special needs trust, ranging from access mechanisms for beneficiaries to its effects on government assistance. Feldman explains the two primary options available - a first-person trust and a third-party trust - thereby equipping readers with the knowledge to make informed decisions.
The New York special needs trust attorney advocates for seeking professional guidance when setting up a special needs trust. She emphasizes the importance of a trust document outlining the management and distribution of assets for the benefit of an individual with special needs.
Feldman says, "A special needs trust attorney can provide assistance and advice throughout the process to ensure that the trust document is tailored to meet the beneficiary’s unique requirements. They can also help navigate any complicated legal or financial issues associated with the trust."
For those looking to secure the financial future of their loved ones with special needs, this comprehensive article is an invaluable resource. Delve into the world of special needs trusts, understand their nuances, and equip oneself with the knowledge to make the best decisions for the family members.
About New York Legacy Lawyers:
Yana Feldman is a distinguished New York special needs trust attorney, recognized for her dedication to helping families secure the financial futures of their loved ones with special needs. New York Legacy Lawyers, where Feldman is a leading figure, is a trusted law firm known for its commitment to providing comprehensive legal solutions, particularly in the area of special needs trusts. With a deep understanding of New York State laws and a wealth of experience, they help families navigate the complexities of setting up special needs trusts.
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Website: https://yanafeldmanlaw.com/
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