New Jersey residents that have dedicated their lives to taking care of a family member with special needs often make provisions for those loved ones in their estate plans. Making the decision to create special needs trusts is the easy part of the decision. The part that can be more challenging is funding the trust.
It may be beneficial to consult professionals who can help determine how much money will be needed to maintain the level of care that the special needs family member needs to live comfortably even in the absence of the primary caregiver. Once that determination is made, it will be necessary to do some financial planning in order to properly fund the trust. At the same time, the needs of the entire family have to be addressed as well.
Many people with special needs are also eligible for government programs. If these programs are going to be utilized, there could be limits to how much additional support the person may receive before losing those benefits. This will also need to be taken into consideration when discussing financing a trust.
New Jersey special needs trusts are an integral part of estate planning for both the caregiver and the person with special needs. The peace of mind these trusts can provide is priceless. Special needs trusts aren’t only about money, however. They can also be used to relay instructions for how to care for the special needs person, as well as what that person’s likes and dislikes are to eliminate any confusion for the appointed guardian and/or trustee.
Source: Forbes, Planning For The Future Of A Loved One With Special Needs, No author, Sept. 24, 2013