Pierro, Connor & Strauss LLC provides trusted counsel for estate and trust planning, elder law, medicaid planning, estate and trust administration and litigation, guardianship, special needs planning, care coordination and advocacy, business planning, and tax planning across the state of New York, with additional locations in New Jersey, Massachusetts, and Florida. We live in a state with a history of options for our special needs citizens and their families. The assets in the Special Needs Trust (and any income generated from those assets) are to be used for the benefit of the beneficiary with special needs to supplement rather than duplicate or replace government benefits. NYSARC Trust Services administers special needs trusts and pooled trusts for people with disabilities in New York who need to protect their eligibility for means-tested government benefits such as Medicaid and/or Supplemental Security Income (SSI). How a Special Needs Trust Can Help. Learn more about New York supplemental needs trusts below in the Q&A section. One workaround for this issue is to use a special needs trusts which provide a place to save money that can be used for the benefit of the person with special needs (without affecting his or her eligibility for benefits). Special Needs Trust Disbursements. A way around losing eligibility for SSI or Medicaid is to create what's called a special needs or supplemental needs trust. - “special needs trusts” (sometimes referred to as “supplemental needs trusts”) which are created for the benefit of a certified disabled person under the age of 65. This is an unofficial list of non-profit organizations in New York State that offer pooled Supplemental Needs Trusts (or similar services) to people with disabilities. Because SSDI is not needs-based, a special needs trust is not necessary to qualify for it. Cash or gift cards provided from the special needs trust (SNT) directly to the beneficiary (for any purpose) are considered unearned income. Another very typical example is when a parent sets up a third party special needs trust for the benefit of their disabled child, and fund that trust out of their own funds. But special needs trusts must be controlled by a trustee – not by the person with special needs who benefits from the trust. Updated: 08 Mar, 2019. by. In fact, the first supplemental needs trust was in created in New York in 1978. Pursuant to New York EPTL §7-1.12 (a) (4) and (5), a supplemental needs trust is a “discretionary” trust established for the benefit of a person with a severe and chronic or persistent disability and whose disability is expected to, or does, give rise to long-term need for specialized services. We do not claim that this is an exhaustive list; there may be other … A “special needs trust” must: be created with the individual’s own assets; be created by the disabled person, by the disabled person’s parent, grandparent, or legal Then, instead of leaving property directly to your loved one, you leave it to the special needs trust. Q. The SNT pays for the unique, long-term needs of the beneficiary and is meant to give the disabled person the best quality of life possible, without giving the … A supplemental/ special needs trust (also known as an “SNT”) creates a fund to help a person suffering from a severe and chronic disability when the creator of the SNT may not be around to see that the money is well spent for the intended beneficiary. However, depending on how much SSDI is paying you, you may also qualify for Supplemental Security Income (SSI) or you may qualify (or already qualify) for Medicaid. SSI rules state that for every dollar of unearned income received results … A First Party Special Needs Trust is available to individuals who are disabled and under the age of 65 years.