New York special needs trust attorney Yana Feldman (https://yanafeldmanlaw.com/q-a-5-frequently-asked-questions-about-special-needs-trusts/), of New York Legacy Lawyers, addresses some of the most commonly asked questions surrounding special needs trusts. As families and individuals face the significant matter of planning for loved ones with special needs, having a clear understanding of special needs trusts is crucial. In a recent article, Yana Feldman offers insights that aim to simplify this often-misunderstood area of estate planning.
Special needs trusts are essential for families seeking to protect the financial future of a loved one with disabilities without jeopardizing their eligibility for government benefits. As a New York special needs trust attorney, Yana Feldman explains the importance of these trusts, stating, "A special needs trust is designed to supplement, not replace, the benefits that a person with disabilities may receive from government programs such as Medicaid or SSI. It allows families to set aside funds for the care and comfort of their loved ones, while preserving their access to these vital resources."
One of the primary concerns Feldman addresses in the article is the difference between a first-party and a third-party special needs trust. As a seasoned New York special needs trust attorney, she clarifies that a first-party trust is funded with assets belonging to the person with disabilities, typically from a personal injury settlement or inheritance. In contrast, a third-party trust is established by someone else, such as a parent or grandparent, using their own funds. Feldman emphasizes the importance of understanding these distinctions, as each type of trust has different implications for government benefit eligibility.
Another common question Yana Feldman encounters in her practice as a New York special needs trust attorney concerns the use of trust funds. She explains that while the funds in a special needs trust can be used for a wide range of goods and services, they must be used in a way that does not interfere with the beneficiary’s eligibility for government assistance. "Trust funds can be used to pay for items such as medical care, therapy, education, recreation, and personal care attendants," Feldman notes.
Yana Feldman also addresses the question of who should serve as trustee of a special needs trust. According to her, selecting the right trustee is one of the most important decisions in establishing the trust. As a knowledgeable New York special needs trust attorney, Feldman advises families to choose a trustee who is not only financially savvy but also understands the unique needs of the beneficiary. She suggests that in some cases, a professional trustee or a pooled trust, managed by a nonprofit organization, may be the best option to ensure proper administration and compliance with complex legal requirements.
In addition to answering these frequently asked questions, Yana Feldman stresses the importance of ongoing trust management and review. Laws and regulations affecting special needs trusts can change, and it’s essential to ensure that the trust remains in compliance with current legal standards. "Regular reviews of the trust are necessary to adapt to any changes in the beneficiary’s needs or in the law," she explains. "This proactive approach helps to avoid potential pitfalls that could jeopardize the trust’s benefits."
For families who have a loved one with disabilities, establishing a special needs trust can be a crucial step in securing their future. Yana Feldman, a dedicated New York special needs trust attorney, encourages families to seek legal guidance early in the planning process to help ensure that their loved one’s needs are fully met. By working with an experienced attorney, families can create a plan that provides both financial security and peace of mind.
About New York Legacy Lawyers:
New York Legacy Lawyers is a leading law firm well-versed in estate planning, elder law, and special needs planning. Led by Yana Feldman, the firm is committed to providing personalized legal solutions that protect the rights and futures of individuals and families across New York. With a deep understanding of special needs trusts, the firm can offer compassionate and informed guidance to clients navigating these critical issues.
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