Ensuring Your Will Adapts To Life’s Changes
Creating a will provides a semblance of control over the unknown and reassures us that our loved ones will be taken care of. If you executed your Wills in the 1990s, they would generally still hold validity today.
All supplemental needs trusts (“SNT”) are created for the sole benefit of a disabled individual. This type of trust is designed to provide support for a beneficiary without jeopardizing their receipt government benefits, namely Medicaid and SSI.
The purpose of an Article 81 discovery and turnover proceeding is to recover assets taken from an incapacitated person. The threshold question in an Article 81 Guardianship is whether there is a need for a guardian.
Article 81 of New York’s Mental Hygiene Law allows a court to appoint a guardian to manage the personal and/or financial affairs of an individual deemed incapacitated. The court must find that the alleged incapacitated person (“AIP”) cannot appreciate the nature and consequences of their inability to handle such matters and that the AIP is likely to suffer harm if a guardian is not appointed.
ABLE accounts are tax-advantaged savings and investment accounts for disabled individuals. We often get questions about the difference between an ABLE Account and a Supplemental Needs Trust and whether one is better than the other for a disabled child.
Britt Burner, Esq. discusses the importance of estate planning with a focus on special needs topics, including supplemental needs trust.
A 529 plan is a tax-advantaged savings account designed to pay for a child’s eventual educational expenses. Money in a 529 plan is used for a wide range of educational expenses, including college tuition, K-12 private school, certain apprenticeship expenses, and even student loan repayments.
Question: My daughter is unable to work and receives Supplemental Security Income (SSI), can I give her money to help pay her bills without reducing the amount of her benefit?
A guardianship proceeding is commenced under Article 81 of New York State Mental Hygiene Law. The purpose of the proceeding is to have a guardian appointed for a person who is deemed incapacitated and unable to make decisions with respect to personal and/or financial matters.
As Elder Law Attorneys, we focus on Medicaid planning for our clients in order to have access to long-term care. It is equally as important to ensure that their beneficiaries will have access to government programs and not be disqualified by the fact that they received an inheritance.
While the best elder law and estate plan is to have a valid health care proxy naming agents and a valid durable power of attorney naming an agent to make financial decisions, not everyone has done the proper planning. It is not uncommon for an elderly person to fall ill, be hospitalized and then need nursing home care with no time to plan.
Estate planning is all about preparation and ensuring that your assets are distributed in line with your wishes. It’s a comfort knowing your loved ones will be cared for just as you intend. However, life’s unpredictability sometimes throws a curveball. What if a beneficiary becomes disabled after you’ve finalized your estate plan?