New York Special Needs Trust Lawyer Kristine M. Carranceja-Gurski Explains The Use Of Supplemental Needs Trusts in NY
New York special needs trust lawyer Kristine M. Carranceja-Gurski releases a new article (https://matuslaw.com/estate-planning-attorney-new-york-city/special-needs-trusts-lawyer/) that explains the use of supplemental needs trust in NY. The lawyer mentions that special needs trusts (also known as supplemental need trusts) are important tools for planning the future of someone’s children in New York.
According to the New York special needs trust lawyer, “In a special needs trust, a trustee will manage the funds for the beneficiary. Because the fund payout isn’t considered income, the fund can benefit the disabled child or adult, but that person will continue to qualify for public benefits, such as Medicaid. A special needs trust is a valuable tool that, when used wisely, can help ensure a high standard and great quality of life for your special needs child or loved one”
The lawyer explains that in special needs trusts, the money can only be used by the beneficiaries when planning to cover special needs like special education. The money from this trust cannot be used for basic necessities like housing or food expenses. Money from special needs trusts can also be treated as an income and affect SSI eligibility.
Attorney Carranceja-Gurski mentioned that funds from a special needs trust cannot be used for property tax, mortgage payments, rent, home insurance, utilities, groceries, and restaurant meals. It is also not allowed to give the beneficiary funds from a special needs trust as an allowance.
In the article, the special needs trust lawyer mentions that trust funds can be used to pay for special medical expenses that are not covered by Medicaid. This may include wheelchairs, special mechanical beds, and accessible vans. In some situations, the funds can also be used to plan recreational activities for the child.
Furthermore, attorney Kristine Carranceja-Gurski also adds that having a special needs planning attorney may be able to help set up a trust for the client. There are two types of special needs trust that a special needs planning attorney may be able to set up for the client. These two types are the “Third Party Special Needs Trust” and the “Self-Settled Special Needs Trust.”
Lastly, the lawyer emphasizes that it is very important to seek the help of a special needs planning attorney when it comes to matters involving special needs planning. Having a skilled attorney may be able to help the client set up a trust that will fit what their child needs.
About The Matus Law Group
The Matus Law Group’s special needs planning attorney Kristine Carranceja-Gurski is committed to helping families and individuals in asset protection transactions in New New York. She works hard to help her clients with their special needs planning. Call The Matus Law Group today at (929) 412-1808 to schedule a consultation.
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Matus Law Group - New York City
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