Parents of special needs children in East Hanover love their child with all their heart, but they understand that, in some cases, their child will be in need of care for their entire life. This may be because of the child's physical health, or it could be due to a developmental disorder. Therefore, parents of special needs children may be concerned about how their child will be cared for financially once they are no longer able to do so.
When a person in New Jersey creates a trust, they often name a loved one as successor trustee. However, these successor trustees do not always know what to do in their role to formally become the trustee. They may simply ask their loved ones to sign checks so they can pay the bills, or they may take their loved one to the bank and ask to be placed as a signatory on the account. Doing these things informally, however, can lead to problems down the road.
Many people in East Hanover with special needs, such as a disability or a mental illness, rely on government benefits to make ends meet financially. However, these benefits are often needs-based. If an individual has too many assets in their name, they might not qualify for benefits. This is when it can be important to have a special needs trust.
When a person in East Hanover has a disabled or mentally ill loved one, they may want to see that their loved one obtains the government benefits needed to make ends meet. This is particularly true if their loved one does not have the ability to work or even take care of their own finances. However, depending on the government benefits, a person can only have a certain amount of assets to qualify. In situations like this, setting up a special needs trust may be appropriate.
As the baby-boomer population in New Jersey ages, they need to give some thought to their elder years. They may picture living in an assisted living facility or nursing home, where their daily needs can be taken care of by professionals. Others may prefer to stay in the comfort their own house, and receive in-home health care as needed. No matter what they choose, however, they'll also have to consider how they will pay for long-term care.