Trusts To Protect Needs Of Minor Children And Vulnerable Adults
If someone you love is disabled, you may be worried about finances as much as your loved one’s welfare. This is understandable, as the costs of long-term care can be frightening.
At Campbell & Pruchnik, LLC, in Jackson, New Jersey, our lawyers take the worry out of disability planning by establishing special needs trusts on behalf of clients in Ocean and Monmouth counties.
What is a special needs trust? It is a financial mechanism — also known as supplemental trust — that enables disabled children and adults to receive financial assets without jeopardizing eligibility for public benefits such as Medicaid and Supplemental Security Income (SSI). It provides a mechanism for funds to be managed efficiently on the disabled person’s behalf, to provide the maximum benefit.
While public benefits cover basics like food, shelter and certain types of medical care, a special needs trust can reserve money for certain “special” uses such as disability upgrades for a home, entertainment or vacations. Money kept in such a trust is protected from creditors, lawsuits and certain taxes, and can be devoted solely for the benefit of the disabled trust beneficiary.
Do What’s Best For Your Disabled Loved One. Save Money In The Process.
Consult with us, and we can help you draft a special needs trust that accounts for your income and assets, as well as circumstances of your proposed beneficiary. If needed or desired, we can also help you establish guardianship over your loved one so you can continue to provide for his or her personal and financial needs after he or she reaches adulthood or becomes incapacitated. We can also help you complete any other estate planning documents as part of a comprehensive and affordable estate plan package.
Consult With An Attorney At Campbell & Pruchnik, LLC
Our goal is to help you provide your loved ones with access to funding that would otherwise be unavailable to them, without draining your estate or subjecting you to exorbitant taxation.
The rules concerning special needs trusts are complicated and are best navigated by an experienced special needs trust lawyer at Campbell & Pruchnik, LLC. Contact us online today or by calling 732-994-6092.