Cherry Hill Special Needs Trusts Lawyer
Cherry Hill Special Needs Trusts Lawyer
Special Needs Require Specialized Estate Planning: Find Out How Our Cherry Hill Attorneys Can Help
At Scott Counsel, P.C., our Cherry Hill special needs trust lawyer is a compassionate, solutions-driven advocate for people and families. With vast experience in estate planning, our law firm knows that special needs require special planning. You can protect the legal rights and financial interests of your special needs child or special needs loved ones. If you have any specific questions or concerns about special needs trusts, we are here to help. For a fully confidential consultation with a New Jersey special needs planning attorney, please give us a call at (856) 281-3131.
Special Needs Planning: Explained
Do you have a child or other close loved one with a disability or special needs? If so, you must account for their unique needs when developing your estate plan. Special needs planning is a dedicated area of estate planning that is focused on ensuring that individuals with special needs receive the full and proper financial protection that they deserve.
You may be wondering: Why is special needs planning important? The concern is that many special needs folks receive public benefits—often Medicaid, Supplemental Security Income (SSI), or a state program. These benefits are means-tested. As a consequence, a generous gift left directly to a special needs individual could disqualify them from their benefits on financial grounds.
TheSolution: While special needs planning is more complicated, you and your family are not without options. A special needs trust is an estate planning tool that you can use to leave money or property to support a special needs loved one without undermining their eligibility for benefits.
An Overview of Special Needs Trusts in New Jersey
A trust is a legal relationship that involves three parties. The grantor is the person who sets up the trust. They are the person who is leaving property or assets to support another person. The trustee is the individual or institution that is responsible for managing and overseeing the trust. The beneficiary is the person for whom the assets within the trust are being held. A special needs trust is a unique type of trust in that it is designed to achieve a particular purpose—allow financial support to be provided for a vulnerable special needs individual without rendering them ineligible for their Medicaid benefits or other means-tested support. Here are four things you should understand about special needs trusts in New Jersey:
- Third-Party vs. Self-Settled: Special needs trusts in New Jersey fit into two categories: A third-party special needs trust and a self-settled special needs trust. With a third-party trust, the assets are being provided by another person—parent, grandparent, etc. With a self-settled trust, the assets are directed by the special needs individual. The two types of special needs trust exist for different situations. Through an estate plan, you can set up a third-party special needs trust for the benefit of your vulnerable loved one.
- Exempt From Asset Tests: As noted previously, the primary purpose of a special needs trust is to provide financial support to an individual with a qualifying disability without harming the eligibility to get public benefits. A special needs trust must be set up properly. You do not want your incredibly generous gift to make things more complicated for your loved one with special needs. If you have any specific questions about special needs planning and Medicaid eligibility, our Cherry Hill, NJ estate planning attorneys can help.
- Available for Many Expenses: In New Jersey, special needs trusts can be used to cover a broad range of different expenses. You are not restricted to merely leaving financial support to cover direct disability-related services. Quite the opposite, you can leave financial support through a special needs trust that covers many day-to-day expenses that your loved one faces—from rent to groceries to utilities to internet access. If you have any questions about how a special needs trust can be used, our Cherry Hill special needs planning attorneys are more than ready to help.
- Flexible—Can Be Customized: Finally, it is important to emphasize that a special needs trust is not a form-fitting legal document. In creating a special needs trust, you have some ability to adjust it to meet the unique needs of your child, grandchild, or other loved one. With some special needs trust, the beneficiary can manage it with relatively little oversight. In other cases, a special needs trust may be wholly managed by a third party.
You Can Trust the Cherry Hill Special Needs Planning Attorneys at Scott Counsel
Special needs planning is notoriously complex. At Scott Counsel, P.C., we work closely with families to ensure that their most vulnerable members are properly protected. When you call our Cherry Hill office, you can speak with a New Jersey special needs planning lawyer who is ready to:
- Answer any questions you have about special needs trusts;
- Gather all of the information that you need to move forward; and
- Take action to set up the best estate plan for you and your vulnerable loved one.
Special needs planning should be personalized. You and your loved ones deserve no less. We encourage you to take a look at the things that our clients have to say and to get in touch with our Cherry Hill special needs planning attorneys directly if you have specific questions.
Contact Our Cherry Hill Special Needs Trust Planning Lawyers Today
At Scott Counsel, P.C., our New Jersey estate planning attorneys have extensive experience with special needs planning. If you want more information about special needs trust or special needs planning, we are here to help. Give us a call at (856) 281-3131 or reach out to us online for your completely confidential, no-obligation initial appointment. We provide special needs planning services throughout all of South Jersey, including in Cherry Hill, Camden, Moorestown, Glassboro, Washington Township, and Cinnaminson.
– When my son, who has Cystic Fibrosis and CF related diabetes, was suddenly and unexpectedly removed from his Medicaid program, we were devastated and frightened not knowing where we would get the resources to pay for his extremely high priced prescriptions. Justin was the attorney who handled our case. From the very beginning, he proved to be very thorough and experienced with navigating the process of reversing the Medicaid decision. However, it was his apparent kind, caring nature that made us feel the most at ease. Justin was successful in securing a continuation of benefits for my son, and we are extremely grateful for having his expertise during this most stressful ongoing process. Thank you, Justin!
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