Special Needs Planning
Special needs planning for the care of a child is a priority for families with special needs children.
Many parents worry about what will happen to their children, and who will take care of their children after they pass away. An important concern for parents of special needs children is securing government benefits like SSI and Medicaid for their children.
The special needs attorneys at Wilchins Cosentino & Novins provide representation to disabled persons and their parents, especially as it relates to estate planning and advocating for their educational and other legal rights. A special needs trust or supplemental needs trust is an excellent planning tool to address some of these concerns.
Our special needs planning attorneys regularly work with clients to put together estate plans that are tailored to the needs of a child or other beneficiary with special needs and considers how those special needs interrelate with the planning for other intended beneficiaries.
Many clients have questions and wonder what is a special needs trust and what are the special needs trust rules? A “special needs trust” is frequently an integral tool used in this planning, whether it be a third party “supplemental needs trust,” a first party “D4A trust” or a “pooled trust” that is created by a nonprofit organization.
These types of trusts enable disabled beneficiaries to inherit money, gifts, settlements or other funds, but still allow them to maintain eligibility for certain government programs, such as SSI and Medicare. The trusts are structured so the funds do not belong to the beneficiary when they are qualifying for public benefit programs.
We provide answers and information and advise clients as to the purposes and different uses for these special needs trusts, including advice as to appropriate funding of the trusts, and how to enable a disabled beneficiary to have access to trust funds for a wide variety of needs while still preserving eligibility for federal and state health care, as well as other benefits including Medicaid and SSI.
In addition to the more traditional uses, a particularly valuable use of the D4A-type of special needs trust is to use it to hold funds that a disabled person receives from the settlement of a personal injury or medical malpractice lawsuit, an unexpected inheritance or from a life insurance policy.
We take great pride in serving our clients with our personalized, concierge approach, working alongside our clients through every step of their journey to effectively address legal matters. Our skilled attorneys work collaboratively as a cohesive team to deliver highly effective legal strategies and solutions that are proven and practical.
Meet the Attorneys in the Private Client Services Practice at Wilchins Cosentino & Novins
Robert W. Meshel
Beth E. Warach
Why WCN for Private Client Services
Right-sized. We are large enough to have the depth of expertise and knowledge, while small enough to be available, accessible and personal.
Concierge Approach. Our clients are assured of our accessibility, personal attention and skilled guidance as we seamlessly and adeptly address their legal needs.
The Latest in Law
Attorney Stephen Wilchins participates in the final episode of the recent Radio Entrepreneurs FBA Panel Discussion – Winter 2021 Edition – Part Three: “Trusts & Selling Your Business”
https://youtu.be/HifZSlh52NA In the final episode of the Radio Entrepreneurs FBA Panel Discussion, WCN attorney Stephen Wilchins participates on the panel wrapping up the discussion on the subjects of trusts that own and operate a family business and when it is the...
Attorney Stephen Wilchins is back in the recent Radio Entrepreneurs FBA Panel Discussion – Winter 2021 Edition – Part Two: “Trusts & Selling Your Business”
https://youtu.be/NIaRStpflK8 In the second installment of the Radio Entrepreneurs FBA Panel Discussion, WCN attorney Stephen Wilchins continues with the panel discussing the subjects of family trusts that include a business and when it is the right time to sell that...
Parents who have saved and invested prudently for many years often expect to be able to leave their adult children a substantial inheritance. They hope this will fund their children’s retirement savings, grandchildren’s college tuition, or other goal of...