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Trusts can completely or partially cover costs for disabilities

Those with disabilities in New York can face many challenges in life, whether the disabilities are mental or physical. Either way, they may need care and support for their entire lives. One way for people to provide this even after they pass away is by setting up a trust, which then provides financial support from that person's estate.

There are two main types of Special Needs Trusts, or SNT, that should be considered. They are a Supplemental Care SNT and a General Support SNT.

The General Support SNT will be used if the total amount in the trust will be plenty to cover all of the costs that the person faces for the rest of his or her life. The person will not need government assistance or other forms of funding for things like physical assistance, the cost of housing and more.

A Supplemental Care SNT is used when someone wants to help but does not have enough money—or doesn't desire to provide enough—to cover all of the costs. The person will still need other assistance, often from government programs. However, the Supplemental Trust can reduce their need and provide a second source of money, which can be very helpful in situations where government assistance is not enough or where the standard of living that person enjoys can be elevated through the additional income.

It's important to know how to set up either one of these trusts, specifying exactly how it is to be used, when it should pay out, how long it is intended to last, what the money can be used for, and much else.

Source: American Bar, "Financial Planning: Special Needs Trusts," Kristen Lewis Denzinger, accessed Sep. 30, 2015

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