Special Needs Planning
Reliable and Trusted New York Elder Law Lawyers
When it comes to caring for a loved one with special needs, it takes careful planning and legal know-how. At Pfeifer & Choi PLLC, our dedicated attorneys have the skill and passion it takes to protect you and your loved one’s interests. You can get decades of New York Elder Law experience on your side when you discuss your case with us today, finding answers to what does and does not work in special needs planning.
In many cases it will not work to simply entrust money to a friend or relative, or give money to your loved one outright. In spite of golden intentions, your friend or family member could lose the money in bankruptcy, a lawsuit, or some other unforeseen financial crisis. And if you pass down money to your loved one with special needs, they are almost sure to be disqualified from benefits such as Medicaid and Supplemental Security Income (SSI).
The Benefit of a Special Needs Trust
With a special needs trust, you may be able to better protect the funds you want to leave to your loved one, as well as preserve his or her eligibility for government benefits. As long as a trustee uses the trust funds properly, your loved one could still remain eligible.
For a more modestly funded trust, many people turn to pooled trusts , which are created by nonprofit groups. As the name conveys, the nonprofit pools the resources contributed by many families in order to care for each of their loved ones.
To learn more about these and others options for special needs planning, feel free to contact our legal team at your earliest convenience.
We gladly provide our services to clients in areas throughout New York, including Nassau, Suffolk, Queens, Brooklyn, Manhattan, Bronx, Staten Island and Westchester. Some of our clients travel from as far as Orange County, Dutchess County and Ulster County.