A special needs trust is a unique financial planning option that ensures the future well-being of a child, grandchild, sibling, or dependent with special needs. This type of trust, when created in accordance with all applicable laws, will secure your loved one’s financial future. It will also ensure your dependent’s eligibility for government benefits is not jeopardized.
Bratton Estate and Elder Care Attorneys can help your family create a special needs trust as part of a comprehensive New Jersey estate plan. We can set your mind at ease by helping you create a specialized trust that protects your dependent. Call us today at 856-857-6007 to get started.
Understanding Special Needs Trusts in New Jersey
A special needs trust is an irrevocable trust. A key benefit of this type of trust is the special provisions that ensure the special needs dependent can continue to qualify for Medicaid, Supplemental Security Income, and other asset and income-based benefits.
Some special needs trusts can be used to accept, hold, and manage the disability benefits received by the special needs dependent. Different rules apply to these trusts, and we can help you understand them when we discuss your estate plan.
Understanding the Role of a Trustee
In addition to creating a trust with special provisions, you will need to name a trustee for the trust. This trustee can be an individual or a corporation. Often, people opt to name a family member, trusted attorney, or a bank. If you opt for a family member, you will want someone who is trustworthy, dependable, and financially astute.
In addition, you will want to name one or more back up trustees. This allows you to determine who will manage the distributions, should the primary trustee become incapacitated in any way.
The trustee’s job is to make financial decisions on the trust’s behalf and to provide distributions to the beneficiary when scheduled or necessary. We will help you write the rules about when these distributions should take place.
Who Needs a Special Needs Trust?
A special needs trust is the best way to ensure your loved one with special needs continues to get the care and support needed after your death. It is an important consideration for parents, grandparents, siblings, and the legal guardians of special needs dependents.
Those who benefit from special needs trusts vary widely in their level of impairment. Many can live on their own but cannot manage money. Others require around-the-clock supervision and care. They may live in a group home, nursing home, or long-term care facility. No matter the level of care your loved one requires, a special needs trust can give you peace of mind you desire.
Let Our Team Help You Establish Your New Jersey Trust
We will work with you and your family to ensure you understand everything you need to know about your special needs trust. Our estate planning attorneys can answer your questions and address your concerns. We typically create these trusts as part of a comprehensive estate plan. So, we can simultaneously address any other estate planning concerns you have.
Call us today at 856-857-6007 and let us go to work for you.
Contact an Estate and Elder Care Lawyer Today About Your Estate Planning Needs
At Bratton Estate and Elder Care Attorneys, our legal team understands how hard it can be to think about what could happen to your dependent with special needs after your death. You worry about health issues and financial challenges. A special needs trust, as part of a comprehensive plan, can help alleviate these worries.
Call us for help with your New Jersey special needs trust today at 856-857-6007.
