Special Needs Planning Attorneys: Secure Your Loved One’s Future
When you have a vulnerable family member, concerns about their future can impact your entire life. Special needs planning can replace these concerns with confidence that they will have the care and resources they need when you are no longer there for them.
At Wheatley Pritchard & Associates PLLC in Long Island City, we understand that planning for the future of a loved one with special needs requires careful consideration. Our New York lawyers can help you create a plan that protects your loved one’s financial security and quality of life while preserving their eligibility for essential government benefits.
Understanding Special Needs Planning
This vital process involves creating a comprehensive strategy to address the unique challenges faced by individuals with disabilities. It is a crucial step in protecting their financial, physical and psychological well-being.
Effective special needs planning requires a thorough understanding of legal and financial considerations. Key components include:
- Guardianship and decision-making: Establishing legal guardianship or powers of attorney to ensure your loved one’s needs are met
- Government benefits: Navigating the complexities of SSI, Medicaid and other programs to maximize support
- Financial planning: Developing strategies to manage assets, including life insurance, savings and investments, without compromising benefit eligibility
Through careful special needs planning, you can create robust arrangements tailored to your loved one’s unique circumstances. Our seasoned lawyers can confidently guide you through this process.
The Role Of Special Needs Trusts
A cornerstone of special needs planning is the establishment of a special needs trust (SNT). Such a trust allows you to set aside funds for your family member’s benefit without affecting their eligibility for government assistance. There are two main types of SNTs:
- First-party trusts: Funded with the individual’s own assets, often used in cases of inheritance or legal settlements
- Third-party trusts: Created and funded by family members or other third parties to provide ongoing support
Special needs trusts offer flexibility and protection, ensuring that funds are used to enhance the individual’s quality of life while safeguarding their access to essential benefits.
Reach Out For Strategic Legal Assistance
At Wheatley Pritchard & Associates PLLC, our experienced Long Island City estate planning attorneys stand ready to guide you through every step of the special needs planning process. Let us help you secure the brightest possible future for your loved one. Contact us today at 347-815-1219 or via our online form to learn more.