Special Needs Estate Planning Attorney in Wayne, NJ

Special Needs Estate Planning aims to ensure the well-being of loved ones with disabilities when you are no longer able to advocate on their behalf. Parents of children with special needs must carefully plan their estate to coordinate legal, financial, and special care arrangements, both in the present and for the future.

Overview of Special Needs Trusts

Special Needs Trusts are vital tools to manage resources for children with disabilities while preserving their eligibility for public assistance benefits like Supplemental Security Income (SSI) and Medicaid. The most common types of trusts used in this planning are Support Trusts and Special Needs Trusts.

Types of Trusts for Special Needs Planning

Support Trusts

Support Trusts are designed to provide funds for the beneficiary’s essential needs, such as food, housing, clothing, medical care, and education. However, using a Support Trust may disqualify your child from receiving benefits like SSI or Medicaid. If your child depends on these benefits, a Support Trust may not be the right option.

Special Needs Trusts

Special Needs Trusts allow parents to provide for their child’s needs while maintaining eligibility for government benefits. These trusts can be structured in two ways:

1. Third-Party Special Needs Trust: This trust is funded with assets from the parent’s estate, typically through a will or living trust.
2. Self-Settled Special Needs Trust: Created using the child’s own assets, this trust is often established by a parent, grandparent, or legal guardian. It may be necessary when a child receives a settlement from a lawsuit and requires long-term care. After the child’s death, any remaining assets in the trust must be used to repay the state for public benefits received.

Special Needs Trusts are an essential part of your estate plan if you have a family member with a disability. They can be created as standalone trusts funded with assets like life insurance, or as sub-trusts within existing living trusts.

Special Needs Estate Planning Resources

Planning for a loved one with special needs requires staying informed about medical, educational, financial, and legal changes. We provide various resources to support you in navigating these unique challenges.

Online Resources for Special Needs Planning

• Social Security Resources
  • Benefits for Children with Special Needs
  • Social Security Benefits Eligibility Screening Tool
• Handbook for Trustees
  • Special Needs Trusts can provide supplemental items like therapy, dental work, companions, entertainment, and education, without affecting eligibility for SSI, Medicaid, or other programs. However, managing these trusts can be complex and confusing.
• The Arc
  • A national organization dedicated to improving support and services for individuals with mental and developmental disabilities and their families.
• National Academy of Elder Law Attorneys
  • A non-profit organization that assists attorneys and others working with older clients and their families, offering guidance on legal services for the elderly and people with disabilities.
• National Alliance on Mental Illness (NAMI)
  • An organization focused on improving the lives of individuals living with serious mental illness and their families, with local branches throughout the U.S.
• Center for Parent Information and Resources (CPIR)
  • CPIR serves as a central hub of information for Parent Training Information Centers and Community Parent Resource Centers across the country.
• Annual Disability Statistics Compendium
  • This publication offers state-level statistics related to disabilities, providing valuable insights for planning.
• Calculating Your Loved One’s Future Financial Needs
  • Complete this free questionnaire to project the future expenses for a child with special needs.
• Special Needs Map from Harty Financial
  • An in-depth planning tool for families with special needs.

Get Help with Special Needs Estate Planning

If you have more questions about Special Needs Estate Planning in Wayne, schedule a consultation with our experienced team. We are here to help ensure that your loved ones receive the care they need without jeopardizing their eligibility for crucial benefits.