Why You Need to Hire a Special Needs Lawyer in NJ When Creating a Special Needs Trust

-
A sibling reports that her brother has down syndrome, a developmental disability, lives in a group home, and is currently working in a low-paying job. Their parents are deceased and never set up anything to help the son financially. The sister wants to help him but does not know how. For more information click here. child custody attorneys near me, estate planning attorney near me
The above referenced scenario is how many consultations about special needs trusts begin when a special needs lawyer in NJ meets with a client for the first time. A close family member meets with a special needs lawyer and seeks advice on how to help the disabled family member financially. Oftentimes, individuals like the sister mentioned above have never heard of the term ‘special needs trust,’ but it is a special needs trust that the brother needs. For more information click here. estate planning attorney new jersey, estate planning lawyer NJ

Eligibility for Programs that Assist Disabled People is Based on Income

Many programs for disabled people limit eligibility based on income, resources, or both. The types of government programs are SSI, Medicaid, housing aid, group homes, and other programs for people with developmental disabilities and mental illness. The first consideration for the sister is to make sure that whatever financial assistance she provides her brother will not negatively affect the benefits he already receives. In the example cited above, that is housing. For more information click here. estate planning lawyers near me, Wills and Probate Lawyers

Means Tested Benefits

People with disabilities often receive means-tested benefits. Those benefits include supplemental security income (SSI), a monthly cash benefit, and Medicaid. The group home housing benefit of room and board is often paid by Medicaid, a health insurance program for individuals with modest means. To remain eligible for these benefits the disabled person is limited in the income he or she can earn and assets own. For more information click here. special needs lawyers nj, Special Needs Lawyers Near Me

Enter a Special Needs Trust

A special needs trust allows a disabled person, called a beneficiary, to use and enjoy property that is held in trust for his or her benefit and be able to receive need-based government benefits, like Social Security, Supplemental Security Income, Medicare, or Medicaid to assist in his or her overall care. For more information click here. Adoption Attorney near me, Alimony Lawyers near me

The job of the trustee, the person who administers the special needs trust, is to use trust funds to support the beneficiary without jeopardizing government benefits. The trustee also has to pay taxes, keep records, invest trust property, and make sure that the beneficiary’s needs are being addressed. For more information click here. Medicaid Planning Attorney near me, medicaid planning attorney nj

The special needs trust is created with property like real estate, money, or tangible items. To qualify as a special needs trust, the trust itself must be irrevocable, meaning that it exists forever or until the funds are depleted. The funds are used for the benefit of the beneficiary and do not affect means-tested benefits. For more information click here. medicaid attorney NJ, medicaid attorney near me

How to Set Up a Special Needs Trust in New Jersey

 Assemble a team that includes special needs lawyers in NJ when creating a special needs trust and make sure you involve all interested family members. Any error, even if inadvertent, can immediately affect eligibility requirements of a beneficiary. Contact a special needs lawyer at the Giro Law Firm for advice and counsel in drafting and/or administrating a special needs trust. Request a consultation today to learn how the Giro Law Firm can help your loved one plan for medical and financial security. For more information click here. medicaid lawyers near me, Divorce Lawyer near me

The Giro Law Firm is a New Jersey and New York law firm located in Hackensack, NJ that handles a wide range of legal matters that affect the elderly and disabled populations, including retirement, guardianship, health care, long term care planning, Social Security, Medicare/Medicaid, and others. To request a consultation, click here or call (201) 690-1642.

 For more information click here. Divorce Attorney new jersey, Veterans Attorney New Jersey

Comments

Post a Comment

Popular posts from this blog

New Jersey Wills and Probate Lawyers in Hackensack, New Jersey

-
Image
  Contesting a Will When individuals contest a will, more often than not, they believe the will does not reflect the actual intent of their deceased loved one. The party who made the will is called a testator. The party who receives property or a gift through a will is called a beneficiary. A will may be challenged by a beneficiary in its entirety or in part. Wills in New Jersey The New Jersey State Legislature and the New Jersey Probate Courts are motivated by a strong principal that the final wishes of a deceased person should be honored without compelling evidence to the contrary. A decision to gift or not to gift is personal. The true motivations and reasons why an individual gives his or her property to someone else will never be truly known. Sometimes even the stated reasons are incorrect. For purposes of interpretation of the testator’s intent, New Jersey Probate Courts can only rely on the contents of the will to ensure that the testator’s final wishes a...
Read more

Changes in the Estate Tax Under the Tax Cut and Jobs Act

-
Image
As part of the sweeping overhaul of the tax code, the threshold for the estate tax has been effectively doubled. The estate tax is levied upon assets that are transferred upon death, for this reason it is colloquially referred to as the “death tax.” For practical purposes, most taxpayers will never pay the estate tax because the tax only applies to large estates and because careful estate planning can help large estates largely avoid the tax. The Estate Tax In 2017, the death tax only applied if the estate was valued at over $5.49 million for single-filers and 10.98 million for married couples filing jointly. At this threshold, the tax was unlikely to apply to a large portion of Americans. According to the New York Times , 2.6 million people died in the United States in 2016. During that same year, only 5,219 estate taxes were filed with the Internal Revenue Service, representing a tax that touched upon only 0.2% of deaths during the year. While the estate tax does ...
Read more

Ask Lawyers in Hackensack, NJ: Where do You Probate a Will in New Jersey?

-
Image
Probate is not always required after someone dies. The requirement to probate a will in New Jersey depends on what assets the deceased person owned. If a will needs to be probated, the deceased person’s will must be filed in the county in which the deceased person resided at the time of death. The county clerk will verify that the county of residence contained in the death certificate matches the court where the will is being filed for probate.  For more information click here .  elder lawyers hackensack nj , elder care lawyers in nj , Asset Protection Lawyers near me , Alimony Lawyers near me , Veterans Attorney New Jersey                                                                                           How to Determine the Residence o...
Read more