As parents raise children with special needs in New York, their roles as parents are different than toe roles of parents of other children. Not only may theyrequire extra parental duties when their children are young, but those parental responsibilities may continue as their children become adults.
Parents of children with special needs want to ensure that their children’s special needs will be taken care of while they are living and also after they pass away.
To help ensure this occurs, parents may want to leave enough money and property for their children through a will so they do not need to worry about their financial needs. While this seems like one of the best ways that parents can continue to provide for their children, it can actually hurt children with disabilities who receive Supplemental Security Income (SSI) benefits.
In order to qualify for many SSI benefits, people must earn less than a certain amount and also can only have a certain amount of assets. If parents give children too much of an inheritance it could actually cause their children to lose these valuable benefits.
Basics of supplemental needs trusts
Parents in this situation may be able to set up a supplemental needs trust for their children. Also known as special needs trusts, these estate planning tools allow the parents to put the inheritance in the trust so their children do not actually own the assets.
Instead, a trustee is able to disburse funds the children need without exceeding both the asset and income limits. This ensures the children receive their benefits and are still taken care of on top of those benefits.
Parents of children with special needs in New York have many concerns they need to worry about that many other parents may not need to consider. Experienced attorneys understand how to set up supplemental needs trusts and may be able to help parents properly provide for their children.