Making The Most Of Special Needs Trusts
Special needs trusts are important estate planning tools that allow families to plan for the financial and medical needs of a disabled or ailing loved one. At the law office of Chayet & Danzo, LLC, our attorneys consult tax experts and life care planners in determining how to structure special needs trusts appropriate to our clients’ individual needs.
In cases where long-term nursing care is needed, our attorneys discuss how a special needs trust, along with other estate planning tools, can help a beneficiary avoid certain kinds of taxes while qualifying for benefits under Medicaid. While the government has instituted reforms and changed look-back penalties, families are still able to exempt certain kinds of assets through special needs trusts and other estate planning tools.
If you need to plan for the financial security of a disabled child, elderly parent, or ailing spouse, contact supplemental needs trust attorneys at Chayet & Danzo, LLC, today and schedule a free consultation to learn how we can help you.
Planning For The Future With A Special Needs Trust
The law office of Chayet & Danzo, LLC, advises and represents clients interested in creating a special needs trust for a family member suffering from the following:
- Paraplegia / quadriplegia
- Parkinson’s disease
- Multiple sclerosis
- Severe brain damage
- Cystic fibrosis
- Catastrophic injuries
Special Needs Trusts And Medicaid — Avoiding Impoverishment
As in most areas of life, planning early can help you avoid difficulties later. While Medicare can be used to pay for short-term care, medical conditions involving long-term care needs require Medicaid. However, in order to qualify for Medicaid, certain income requirements must be met. Consequently, people in need of long-term care benefits through Medicaid, must often spend down their assets and become impoverished before qualifying. A special needs trust can help you avoid impoverishment while qualifying for Medicaid benefits. In creating a special needs trust, you can either transfer assets or set aside savings that are then exempt from consideration by Medicaid.
Special Needs Trusts That Stand The Test Of Time
When setting up a special needs trust, AB trust, or Q-tip trust, it’s important to create checks and balances to ensure a trust is administered appropriately. Determining whom to select as a trustee, how to plan for the transfer of trusteeship, and what can be done to ensure fiduciary responsibility is maintained, require knowledge of the law, the tax code, and corporate trustees.
At Chayet & Danzo, LLC, attorney Marco D. Chayet has extensive experience in helping families and individuals create special needs trusts. As a member of the National Special Needs Trust Academy, Mr. Chayet follows changes in the law, Medicaid, and tax code that can impact the options available to families and individuals. Mr. Chayet also understands how to structure a trust to create greater transparency in order to protect it from financial mismanagement on the part of corporate and private trustees.
Contact Our Special Needs Trusts Attorneys
To schedule a free consultation and discuss your needs and concerns, contact special needs trust lawyers at the law office of Chayet & Danzo, LLC, today.