Being a parent is one of the most rewarding and challenging tasks there is. You want to secure your child’s long-term care and financial security no matter what the future holds for your family. However, this task takes a whole new level of complexity when your child has special needs.
Without proper planning, your child’s future could be at risk, leaving them vulnerable to financial insecurity and uncertainty. One way to ensure your child’s financial security and peace of mind is by establishing a special needs trust (SNT).
What is a special needs trust?
An SNT is a specialized estate planning tool that lets you provide for your child with special needs while preserving their eligibility for crucial government benefits. It acts as a protective shield, allowing you to set aside money for your child’s care without risking their access to programs like Medicaid and Supplemental Security Income. This unique arrangement ensures your child can continue receiving the support they need from public assistance while having a financial safety net for unexpected expenses or emergencies.
Establishing a special needs trust in New York also offers several other advantages, such as:
- Enhancing the quality of life: An SNT allows you to provide for your child’s needs beyond what government benefits cover. If your child needs a specialized wheelchair, wants to attend a summer camp for children with special needs or could benefit from additional therapy sessions, the SNT can make these experiences possible.
- Professional management: Choosing a professional trustee for your SNT brings specialized knowledge to the table. These experts can skillfully manage the trust’s assets and help you make informed investment decisions.
- Flexibility: You can customize the trust to address your child’s particular challenges, whether they are related to medical care, education or daily living assistance.
With the proper planning and support, you can make sure that they receive the care and opportunities they need to thrive.
Empowering your child’s future
A special needs trust is more than just a legal document – it is a way to ensure your child’s long-term quality of life. Taking the time to explore your options now can help you make the best decisions for your child’s future.