New York Special Needs Trusts Lawyer Kristine M. Carranceja-Gurski Discuss Supplemental Needs Trusts in NYC
New York City special needs trust lawyer Kristine M. Carranceja-Gurski of the Matus Law Group 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 NYC. The lawyer mentions how special needs trusts are also known as "supplemental need trusts" and can be used to plan for the future.
“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,” says the New York special needs trust lawyer.
According to the lawyer, the money can only be used by beneficiaries in special needs trusts for planning to cover special educational needs and other similar purposes. This trust can not be used for essential necessities such as housing or food expenses. Money from special needs trusts may also be considered an income and can impact SSI eligibility.
Attorney Carranceja Gurski pointed out that funds from a special needs trust cannot be used to pay for property tax, mortgage payments, rent, insurance, groceries, utility bills, or restaurant meals. It is not allowed to take funds from a special needs trust to provide an allowance for the beneficiary.
The article also mentions the possibility that special needs trust funds may be used to fund special medical expenses not covered under Medicaid. This includes wheelchairs, special beds, and accessible vans. In certain situations, the funds may also be used in order to arrange recreational activities for the child.
Attorney Kristine Carranceja-Gurski suggests that a special needs planning attorney may be able to assist clients in setting up trusts. A special needs planning attorney may be capable of setting up two types of special needs trusts. These two trusts 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
(929) 412 1808
222 Broadway Suite A1,
New York, NY 10038