One of the biggest worries for parents of a disabled child is that he or she will struggle with finances or finding specialized care after they pass away. To ease that concern, a
special needs trust can be put into place to ensure financial and legal protection as well as special needs care.
Among other things, a trust helps coordinate the legalities of an inheritance if a child’s physical or mental challenges make it impossible for them to manage that inheritance effectively. Having a properly written special needs trust will not only create a picture of how a child will be protected in the future but will also help ensure that certain government benefits won’t be jeopardized because of available assets.
Special Needs Trust Helps Ensure Joyful Life
There are two different kind of special needs trusts, dependent on who funds the trust. A third-party special needs trust is established and funded by someone other than the child, such as a parent, sibling, or grandparent. A first-party special needs trust is funded with a child’s own property, such as a previous inheritance or proceeds from a lawsuit.
No matter what kind of trust is established, at its core it will enhance a child’s life while providing much-needed protection.
With the right trust attorney in place to draft it, a special needs trust will be available to fund life-enhancing expenditures (movies, a computer and internet service, coffeehouse coffee, etc.), and will supplement available government benefits, which provide for basic needs such as housing.
It will be important that the trust includes language that reflects that it is not meant to be a basic support trust and will not supplant any existing government benefits that are available to the child.
A Special Needs Trust Addresses the Unknown
Some parents or guardians of special needs children are unsure of what a child’s treatment needs will be in adulthood. That unknown can be anxiety-inducing, but a well-designed special needs trust will include provisions that address future needs, with a degree of flexibility in case those needs at some point change.
If you are looking for an experienced attorney in special needs trusts, call the law offices of Steven W. Tarta, Esquire at (201) 444-8448 or send an email to info@tartalaw.com. The Tarta Law office has more than 45 years of experience and specializes in all forms of Estate Planning, including Special Needs Trusts. Tarta Law serves clients in Midland Park, Ridgewood, Glen Rock, Wycoff and Franklin Lakes.
Steven W. Tarta, Esq. brings more than 45 years of professional experience to his practice, with a sophisticated focus on Estate Tax Planning, Living Trusts and Elder Law.