A special needs trust is a legal tool designed to provide for the care and financial needs of individuals with disabilities without compromising their eligibility for state and federal government benefits. Eligibility criteria for these benefits often feature strict...
Special Needs, Disability And Long-term Care Planning
How much does a nursing home cost?
One thing to focus on when doing long-term care planning is the cost of this care. Many people know that they may eventually spend their final years in an assisted living center or a nursing home. If they can’t live at home safely, then one of these facilities can...
A new rule may help more older adults qualify for SSI
Older adults often need to plan carefully for their financial stability when they retire. People often have to save aggressively for decades to afford a decent standard of living once they stop working. Those who haven't been able to save as much as they hoped to may...
Is social security going to run out?
The Social Security program was established to provide financial benefits, in part to those who have retired. The idea is that current workers pay into the system and retired workers are able to draw Social Security payments. When the current workers retire, they...
What does your special needs loved one really want?
Many thoughtful family members make estate planning efforts to help ensure that their vulnerable loved ones are cared for. Some of these efforts may go into effect while the individual who is providing support is alive and other efforts may not go into effect until...
Should you hire a home health aid for your senior loved one?
You could be shocked by the price of a nursing home when you arrange long-term care for an older relative. It might be quite expensive for your elderly loved one to even live in an assisted living facility. Even if you are attempting to find ways to lower these...
2 reasons to consider a special needs trust
If you have a child with special needs, you likely spend a lot of time fighting for them to get the same treatment and opportunities that other kids their age get. Yet however much you want people to treat them the same as other children, estate planning may require...
Understanding New Jersey laws regarding special needs trusts
A special needs trust (SNT) can give you peace of mind that a loved one with a disability will continue to receive the government benefits such as Medicaid and Supplemental Security Income (SSI) payments while still being able to receive other assets and inherit money...
What assets can you use to fund a special needs trust?
Creating a special needs trust lets you feel certain that your loved one will have the support they need after you die. However, it can take tens of thousands of dollars to help someone live independently when they have special needs. Those without that much money in...
How can a special needs trust be used?
When you have a disabled adult child, you want to handle your estate plans very carefully. Your child likely relies heavily on needs-based government programs like Supplemental Security Income (SSI) and Medicaid. You know that leaving your child money directly could...