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...
Special Needs, Disability And Long-term Care Planning
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...
5 questions to ask when selecting a trustee
When you establish a special needs trust, one of the most important decisions you make is your choice of trustee. Because they will have a great deal of power over the assets you place in trust, you want to select someone that you can rely on. What questions should...
How much do you need to put aside for a special needs child?
Having a child with special needs means that you will have unique concerns when it comes to planning for their future. Most parents can simply make a last will naming a guardian for their minor children and allocating their valuable assets to their kids after they...
How can money in a special needs trust be used?
Special needs trusts are designed to give people with disabilities the money they need to improve their overall quality of life without putting any public benefits they receive, like Supplemental Security Income (SSI) or Medicaid, in danger. What does that mean?...