We all want to provide the best for our children, but most of us do not want to face the task of putting an estate plan in place for when we are not here. The everyday demands of life put this planning on the back-burner, and when your family has special needs, those everyday demands
Special Needs Trusts
New York Special Needs Act Becomes Law
Posted on
Governor Andrew Cuomo recently signed legislation which amends New York law to allow mentally-competent disabled individuals under age 65 to establish a first-party Special Needs Trust without court petition.
In the past, when an individual with special needs had assets in his or her name which precluded his or her eligibility for government benefits, a…
Inheritance and the Importance of Creating a Special Needs Trust
By Tishya M. Signorelli on
Posted in Special Needs Trusts
An inheritance left to a person with special needs must be distributed to a special needs trust to avoid jeopardizing such person’s government benefits. A special needs trust can be created during lifetime or through a person’s Will upon death. If a special needs trust is not properly established, this creates a myriad of problems…
Third-Party Special Needs Trusts vs. First-Party Special Needs Trusts
By Mary Browning on
There are two types of special needs trusts – one designed to hold assets gifted or bequeathed to a person with special needs from a third party (a “Third-Party Special Needs Trust”), and one designed to hold assets that are already deemed to be owned by that person with special needs (a “First-Party Special Needs…