Quality of life assurance crafted to fit your circumstances
A Special Needs Trust, also referred to as a Supplemental Needs Trust, allows the assets of a disabled individual or the assets you may want to leave a disabled family member to be utilized for their benefit while still allowing them to receive governmental benefits without impoverishing them or requiring the assets to be exhausted.
The art of estate planning comes down to two things: communication and implementation. At Mark H. Weiss, P.C., we listen to your concerns. We thoroughly review your financial circumstances and your health history. We work with you to articulate and outline your goals for your retirement and eventual succession. Then we craft a plan specific to you that structures your assets properly, to succeed if all goes well and withstand any foreseeable disruptions to your health or your income stream.
A carefully constructed, well-thought-out estate plan is best made when there are no impending crises. However, provisions made at the onset of trouble are certainly better than no provisions at all — and may be the difference between salvaging and losing crucial family assets, such as your home.
A trust arrangement based on more than trust
Your estate plan from Mark H. Weiss, P.C. relies on a variety of trusts — legal entities that hold, manage and disperse vital assets. Among the most common are:
Most people don’t know what these trusts are or how they operate, and many attorneys do not take the time to educate their clients. As a result, clients may wind up with a trust arrangement that suits their lawyer’s practice, but does not fully address their needs. Mark H. Weiss, P.C. takes the time to discern your needs and craft a plan that addresses your quality-of-life issues. We explain all aspects of the plan we hope to put in place. Later, we send you drafts of the documents so you have the opportunity to review them on your own. Finally, we review them with you in the office so that you completely understand the documents before you sign them.
Periodic review and adjustment of Long Island estate plans
Ideally, your estate plan will enable your personal representatives to pass on your assets to your children, family, charities or other beneficiaries without great delay, cost or controversy. To ensure its smooth operation, your estate plan should be adjusted periodically to reflect changes in your financial, family or health circumstances or upon material changes in the law. If it’s been a while since you’ve spoken to an attorney about your estate plan, it’s a good idea to do a detailed review.
Commack estate planning attorney safeguards your vulnerable dependents
You restate plan should take into account the special needs of any of your family members. Minor children require governance until they reach the age of majority. Developmentally or physically disabled adults need some type of guardianship or conservatorship arrangement for the duration of their lives. If you find yourself among the sandwich generation — raising minor children and ministering to the needs of aging parents — you must develop a contingency plan to meet their needs in your absence. Mark H. Weiss, P.C. drafts legal instruments that make provisions for the physical, emotional and financial welfare of your vulnerable loved ones.
Power Of Attorney In Estate Planning For The Disabled Needs
If you are the sibling of a disabled child whom your parents have been caring for, you may be concerned about what will happen as your parents age or pass away. Mark H. Weiss, P.C. can advise you on establishing special needs trusts to assist your sibling and establish power of attorney so you can make responsible decisions about their health, welfare and finances.