Special Needs Planning in Long Island, NY

NY Able Program

If you want to help your loved one pay for basic living expenses without compromising government program eligibility, an ABLE account might be the right choice. ABLE stands for Achieving a Better Life Experience, and it’s a new option for New York residents. Your loved one can set up this tax-advantaged savings account as long as he or she was diagnosed with a disability before the age of 26.

Once the account is set up, friends, family members, and others can contribute. However, New York caps contributions at $14,000 a year, and the account cannot have more than $100,000 in it, or your loved one risks losing government benefits.

The disabled individual can use the funds for qualified disability expenses. This includes education, health, and housing, although that’s far from an all-inclusive list. Consult with a Long Island special needs planning lawyer from our firm to learn more about ABLE accounts.

Special Needs Trusts

You can help your loved one pay for supplemental needs by setting up a special needs trust. If your loved one has a large settlement, he or she can use the funds to set up the account. However, you can also set it up on his or her behalf.

Once the trust is funded, your loved one can use the money to pay for supplemental needs, such as therapy, legal expenses, and medical equipment. Additionally, your loved one can use the money to pay for enriching experiences, such as entertainment and recreation.

There aren’t limits to the amount that can be transferred into a special needs trust. However, there are strict guidelines on how the money is used. Thus, consult with a Long Island special needs planning lawyer before setting up and using a special needs trust.

Caring For A Special Needs Child

If your child is a minor, you are in charge of all medical and legal decisions. However, that will change when the child reaches the age of 18. At that point, your child will be a legal adult and in charge of his or her decisions. Depending on the disability, though, he or she might not have the capacity to handle the extra responsibility. If that’s the case, you can apply for guardianship.

If guardianship isn’t necessary, a health care proxy and power of attorney might be appropriate. Consult with our Long Island special needs planning lawyer to discuss your specific needs.

Government Programs

Your loved one might be eligible for government programs to help with various expenses, including healthcare and housing. Our Long Island special needs planning lawyer can help you locate programs and assist with the application process.

Additionally, our attorney can advise you and your loved one on maintaining eligibility for the programs while accessing resources through an ABLE account, special needs trust, or another tool. If your loved one has yet to apply for these programs, you are leaving money on the table, so reach out to our firm today.