Personalized Guidance For Your Special Needs Trust
If you have an adult in your life who suffers from mental or physical disabilities, you know they require a significant amount of care, and how costly it can be. To ensure that he or she will be able to benefit from your financial support, your best option may be to create a Special Needs Trust (sometimes called a Supplemental Needs Trust). This type of trust will allow you to determine how much of your financial assets you want to set aside for this person’s benefit, as well as how it will be distributed. An experienced trust lawyer can help you customize your Special Needs Trust according to your unique situation.
At Rudolph and Bloodgood, LLC, our attorneys have been practicing in New Jersey for decades. With our office in Riverdale, our firm is dedicated to serving estate planning clients throughout Morris County and the surrounding area. We know that each situation is unique. The disabilities your loved one is facing may require specific treatment, delivered in a certain way. We will take the time to get to know you and your unique goals so that we can help you come up with customized solutions to achieve the best possible results.
Why You Need A Trust to Give Your Money Away
While it may seem harmless to give money to your loved one in the form of a gift – even through a will – doing this can actually interfere with his or her ability to qualify for certain government benefits they may need as well. Those who suffer physical or mental disabilities are typically entitled to government programs like Medicaid and subsidized housing. When he or she already has a significant amount of money in hand, however, it may seem as though he or she does not need government support, and may end up being disqualified.
Passing your financial assets on through a Special Needs Trust will protect the money, keeping your loved one from looking wealthier than he or she is. In addition to general financial inheritances, you can use the trust to pass on any compensation you won from personal injury claims, including settlements, litigation and criminal injuries.
When you work with us, we will help you determine what assets you may pass on, and how much of it. We will also help you determine how you should distribute your assets, considering the frequency of your loved one’s needs, and the duration they may require support for. With our legal guidance on your side, you can be assured that your trust will be met with detailed planning.
Consult with A Special Needs Trusts Lawyer
If you would like to learn more about how creating a Special Needs Trust can meet your goals, schedule a consultation with us, contact us online or call 973-208-2900. Our office in Riverdale is handicap-accessible and has adequate off-street parking. We are available during regular business hour and are convenient to NJ Route 23 and Route I-287.
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