Essex County, New Jersey, Special Needs Planning Lawyer
These are the questions that keep parents awake at night:
- Who will take care of my disabled child when I can’t do it any longer?
- What if my own medical needs and long-term care costs drain my assets, so my disabled child gets nothing?
- Will my child still be eligible for need-based public benefits if I include him or her in my will?
When parents are young, they can handle the extra responsibility of a disabled child at home. As they get older, their uncertainties increase.
It is for this specific purpose that special needs trusts and supplemental benefits trusts are useful.
The Power of Parental Planning
Parental planning can make all the difference to a disabled child, not to mention siblings who may be ill-equipped to add care giving to their other responsibilities.
For a family with a disabled child, estate planning usually involves providing for that child’s needs without endangering eligibility for needs-based governmental benefits.
The Advantages of Turning to a Trust
A trust provides a much safer vehicle for providing funds to care for a disabled heir. The trust will protect assets from the claims of creditors and should, if properly drafted, allow the child to continue to qualify for the governmental assistance so vital to the child’s continued well-being.
Special Needs Trust Lawyer Serving Clients in Essex, Union and Morris Counties
Special needs trusts create a pathway so that the disabled beneficiary can receive gifts and settlements without becoming ineligible for many government benefits programs.
These trusts are written so that the funds aren’t considered to belong to the beneficiary and thus do not undermine benefit eligibility. Special needs trusts are also called supplemental benefits trusts because they are not considered basic support, but can provide for things that public assistance funds are not used for — specialized medical equipment and treatments, vacations and personal items that can give the disabled person a better quality of life.
As Always, Discuss Your Problem With a Qualified Attorney
Many rules apply to special needs trusts, and you must discuss your situation in detail with an attorney.