A special needs trust in New Jersey, also known as a supplemental needs trust, is a critical financial tool to ensure the security of your disabled child's assets, benefits, and well-being.
Special needs trusts are often used to receive inheritances on behalf of a disabled person. They are also used to receive proceeds from insurance and personal injury settlements.
There are two primary reasons why special needs trusts are important. The first is that disabled individuals are often unable to handle their financial affairs. The second is that a sudden increase in assets or income can endanger your child's eligibility for crucial public benefits. Special needs trusts provide a solution to both of these problems.
Special Needs Trusts can Supplement Government Benefits
Public benefits commonly available to the disabled include Supplemental Security Income and Medicaid. As important as these benefits are, they can fall short of providing the level of security and comfort you want for your child. A special needs trust can supplement your disabled child's care beyond that which the government provides, and the assets held in trust are not counted when determining benefit eligibility.
If you are considering setting up a special needs trust, we would advise you to speak with an attorney with extensive experience in special needs law. Your attorney must pay careful attention to detail in the creation of the trust. Today, public assistance programs are subject to intense budgetary pressures. This can result in not only possible cuts to benefits, but also heightened scrutiny of trusts by government authorities. If the legality of your trust must be defended, you want to have complete confidence in your attorney.
If you believe a special needs trust may provide the security your dependent needs, we at Begley Law Group, PC, would be pleased to have our experienced special needs attorneys discuss your options with you.