Special needs trusts are important estate planning tools that allow families to plan for the financial and medical needs of a disabled or ailing loved one. At the Law Offices of Gary Cornick, LLC, LLC our attorneys consult tax experts and life care planners in determining how to structure special needs trusts appropriate to our clients' individual needs. In cases where long-term nursing care is needed, our attorneys discuss how a special needs trust, along with other estate planning tools, can help a beneficiary avoid certain kinds of taxes while qualifying for benefits under Medicaid. While the government has instituted reforms and changed look-back penalties, families are still able to exempt certain kinds of assets through special needs trusts and other estate planning tools.
If you need to plan for the financial security of a disabled child, elderly parent, or ailing spouse, contact us. The Law Offices of Gary Cornick, LLC, advises and represents clients interested in creating a special needs trust for a family member suffering from the following:
● Paraplegia / quadriplegia
● Parkinson's disease
● Multiple sclerosis
● Severe brain damage
● Cystic fibrosis
● Catastrophic injuries
As in most areas of life, planning early can help you avoid difficulties later. While Medicare can be used to pay for short-term care, medical conditions involving long-term care needs require Medicaid. However, in order to qualify for Medicaid, certain income requirements must be met. Consequently, people in need of long-term care benefits through Medicaid, must often spend down their assets and become impoverished before qualifying. A special needs trust can help you avoid impoverishment while qualifying for Medicaid benefits. In creating a special needs trust, you can either transfer assets or set aside savings that are then exempt from consideration by Medicaid.
Do you have questions or do you want to make an appointment in this area?
Call us at 908.253.0404 or use our contact form.