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New York Trusts For Special Needs & Tax Planning

When the attorneys of Meyer & Spencer, PC help you with estate planning, one of our primary goals will be to protect your assets for the benefit of your loved ones. If you have a child with disabilities, we can help structure a gift or inheritance appropriately, so there is no loss of access to public assistance. To shield your assets from exorbitant estate taxes, we will determine and create the right trusts to ensure your beneficiaries, and not the IRS, receive the majority of your estate. We have the experience and knowledge to use trusts to the advantage of your loved ones and legacy.

People with disabilities often have special needs that can be effectively addressed with a supplemental needs trust.

Leaving an inheritance for a child or any other person with a disability is not as straightforward as it may seem. Many people with disabilities rely on some type of means-tested government benefits, such as Medicaid, Supplemental Security Income (SSI), housing subsidies, and food subsidies, to meet their basic needs. Providing a gift to a person with special needs who is receiving any means-tested benefits could result in the value of the gift pushing the recipient above the allowable limit in terms of assets.

One of the most important parts of special needs planning is appropriately structuring ownership of any gifts, as well as any other money a disabled person has or receives, to ensure the money does not prevent the individual from qualifying for Medicaid and other benefits. By creating a supplemental needs trust and naming a trustee to oversee the management of money and property, you can ensure all assets are carefully managed and used according to your instructions to benefit the person who is disabled.

Effective tax planning preserves assets, leaving more for your loved ones consistent with your wishes.

One of the most important aspects of estate planning is protecting assets from estate taxes. There are many tools available to shield your estate from being severely diminished by taxes. Which tools you use depend on what type of assets you have, their value, and your goals. When you come to Meyer & Spencer, PC for tax planning assistance, we will assess your estate, listen to your concerns, and recommend an approach that is most likely to safeguard your most precious assets. We frequently suggest placing some or all your estate into trusts, such as an irrevocable life insurance trust or credit shelter trust; however, there is no one-size-fits-all approach to tax planning. We will assist you in creating a tax plan that is practical for your age, wealth, and any other factors important to you.

Please contact Meyer & Spencer, PC for assistance in all aspects of special needs and tax planning.

If you are concerned about providing for an individual with special needs, or how taxes will affect your estate, do not hesitate to contact Meyer & Spencer, PC to schedule a consultation. We are confident we can devise the best strategy to achieve your estate planning goals.

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