Special Needs Trust In New York State
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FAQ
Using a first party SNT will not affect any benefits a person receives that are not based on an income limitation or resource level. The beneficiary can work with a special needs attorney to set up the trust and appoint someone, called the trustee, to hold the money on his or her half.
Cons of Special Needs Trusts The trust must be maintained, and yearly management costs can be high. Depending on who manages the fund, there may be a minimum amount required to set up the trust. It may be financially difficult for the settlor to actually establish the trust, depending upon their circumstances.
For a disabled person in New York to create a Self-Settled SNT, they must have proof of their disability through SSI or Social Security Disability. The person must be under 65 can establish the trust on his/her own or have a parent, grandparent, guardian, or court establish the trust on their behalf.
What are the main benefits of an SDT? The asset value limit of $781,250 (indexed annually on 1 July) and income from the trust may be disregarded for the purposes of the principal beneficiary's income support payment. Assets above that limit are added to the assessable assets of the principal beneficiary.
Many assets, such as cars or houses, need maintenance to keep their value. The SNT can pay for the maintenance. However, the SNT should only pay for the care and maintenance of the asset due to use by the Beneficiary.