At the Hudson Valley law firm of Law Offices of James Yastion, PLLC, we provide special needs planning services for clients to protect a child or adult’s eligibility for crucial government entitlement programs such as Medicaid and SSI while helping to build a firm economic foundation for your child or other beneficiary for his or her lifetime.
An effective tool for achieving a client’s special needs planning goals is the creation of a supplemental needs trust (“SNT”) either with a parent or third party’s assets or with the assets of the beneficiary him or herself.
Often a SNT will be an effective vehicle for the administration of the proceeds of a personal injury or medical malpractice settlement.
The following are several types of SNT’s, which will be tailored to each client’s needs and goals:
- Self-Settled (1stParty) Supplemental Needs Trust
- Third-Party Supplemental Needs Trust
- Pooled Supplemental Needs Trusts
- Sole Benefit Trusts
The Pooled Supplemental Needs Trust is particularly suited to sheltering excess income that would otherwise needs to be “spent down” on a monthly basis towards the individuals cost of care. We are able to leverage this type of SNT to be able to “save” and utilize that income for monthly housing expenses and other costs of living while having Medicaid pay for the care you need.
Also, as your child approaches the age of 18, we can also help you establish guardianship over your child under Article 17A of the Surrogate’s Court Procedure Act.
Please contact the Law Offices of James Yastion, PLLC at (845) 255-4400 to schedule an initial consultation to discuss your legal concern