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Special Needs Planning in NJ
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Special Needs Planning in New Jersey
As the parent or loved one of an individual with special needs, it is your responsibility to ensure that he or she receives the kind of care you know they need, even after you cannot direct his or her treatment. Special needs planning is your chance to do precisely this. Essentially, you will work with an experienced lawyer at Aiello, Harris, Abate Law Group PC to create a trust, decide upon guardianship, and put clear advance directives into existence.
Issues Related to Special Needs Planning
The day-to-day care of a loved one with special needs is complex, time-consuming, and often requires you to become an advocate on issues you previously knew very little about.
An experienced special needs lawyer at Aiello, Harris, Abate Law Group PC will be crucial to working out the logistics related to the following special needs planning areas:
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- Special needs estate planning
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- Insurance authorizations
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- Special education laws
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- Living arrangements
Special Needs Trusts
All parents, grandparents, and guardians want to protect their kids’ futures, regardless of whether they have special needs. This is a trickier road to traverse for parents, grandparents, and guardians of special needs children than for others.
Many families of individuals with special needs fail to realize that if an amount of over $2,000 is left to an individual with special needs in a trust or will, that individual will most often lose eligibility for government financial assistance programs. For parents and guardians looking to leave their special needs child a gift of economic resources in a trust, it is vital to understand the difference between the special needs trust options.
Special Needs Trusts (continued)
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- Support Trusts: If your dependent will likely need assistance from SSI or Medicaid, this is not the trust option for you. In a support trust, the trustee distributes the daily necessities of life (clothing, food, education, etc.), but the beneficiary loses his or her eligibility for federal financial assistance.
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- Special Needs Trusts: If your dependent needs federal government financial assistance, there are two types of special needs trusts to investigate. With both of these trusts, the trustee manages all resources without the beneficiary losing his or her eligibility for financial assistance.
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- Third-Party Special Needs Trusts: Distributed via will or trust, a third-party special needs trust is created using a parent’s assets as part of their estate plan.
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- Self-Settled Special Needs Trusts: Similar to the trust as mentioned earlier, this option uses the child’s assets as the basis for the trust money.
Getting Help With Special Needs Planning
Planning for the continued care of a loved one with special needs is a complicated process. Contact our New Jersey estate planning lawyers to ensure your loved one gets the help he or she is entitled to without losing any financial assistance.
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Call us today at (908) 561-5577 or contact us. Your initial consultation will take place over the phone, and you can schedule an appointment at one of our office locations across New Jersey.
Contact our Special Needs Planning in NJ
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