One of the challenges of raising a special needs child is planning for their future. It is hard to predict what a special-needs child may need throughout their adulthood, but proper estate planning requires you to think about these aspects of your loved one’s future. For example, your estate plan may need to address unique issues that involve state or federal assistance, such as Supplemental Security Assistance or Medicaid.
An experienced New Jersey estate planning attorney can help you create a comprehensive estate plan and overcome the challenges of raising a special needs child. At The Matus Law Group, we can guide you through the process of creating a plan that meets your loved one’s unique needs and ensures their future is secure. Working with a skilled estate planning lawyer and following these tips will give you peace of mind, knowing you’ve created a plan that will provide for your loved one’s future care and well-being. Contact us today at (732) 785-4453 to schedule a consultation.
Consider a Special Needs Trust
A special needs trust will hold assets for your loved one that will pay for his or her care and expenses. Creating a trust for this purpose is important because it will keep these funds out of your loved one’s name, so he or she remains eligible for government benefits that are based on income. You can put funds in this trust right away, or you can use the trust as a beneficiary of your life insurance policy. Either option is acceptable, but some parents and guardians choose to fill the trust now to avoid potential issues with decreases in government benefits over time.
Deciding on Trustee
One of the first things you will need to do as part of your estate plan is to determine who would be a good disability trustee for your estate. This person needs to care deeply about your loved one to ensure that he or she gets all the benefits you have intended. Have a frank conversation with the individual that you are considering to make sure that they are up to the task.
Involving Everyone in the Plan
Family and friends may also want to be involved in a special needs adult’s care plan. For example, imagine that an uncle passes away and leaves $10,000 to your loved one with special needs. While this gift is certainly generous, it can decrease his or her ability to take advantage of state and federal assistance. Talk to your family and close friends about these issues to avoid these types of situations.
Be Sure to Address Your Own Needs
Some parents and guardians are so focused on providing for their special needs loved one that they forget that their estate plan should also involve them. That is, even those caring for a loved one with special needs must address some of the most common issues in estate planning, such as taxes and distributing property. Do not forget that your estate plan also needs to address both the complexities of caring for a special needs adult and the typical basics that are addressed in nearly all estate plans.
Guardianship Planning for Disabled Individuals
Guardianship planning for disabled individuals involves creating a framework to protect their rights and address their needs. In New Jersey, courts may appoint a guardian to make decisions for adults deemed incapacitated due to developmental disabilities, cognitive disorders, or physical injuries. The process starts with the court assessing the individual’s ability to manage personal, medical, and financial matters independently.
The court evaluates the type and degree of supervision required, tailoring guardianship arrangements to the individual’s circumstances. Guardianship can range from full authority over decisions to limited guardianship, where the individual retains control over specific aspects of their life. This flexibility allows the arrangement to align with the person’s capabilities and promote their autonomy whenever possible.
Effective guardianship planning involves filing appropriate petitions, providing evidence of incapacity, and outlining the proposed guardian’s responsibilities. Family members or trusted individuals often take on this role, but professional guardians may also be appointed when necessary. Guardianship planning is an essential step in safeguarding disabled individuals while respecting their dignity.
Working with a New Jersey estate planning attorney can help families manage this process smoothly. At The Matus Law Group, our team is here to assist you in preparing the necessary legal documents and advocating for the interests of the disabled individual during court proceedings. Contact us today to schedule a consultation and take the first step in securing your loved one’s future.
Understanding Government Benefits and Eligibility Requirements
One of the government benefit programs that offer financial assistance and support for individuals with special needs is Supplemental Security Income. SSI which provides financial assistance to individuals who are elderly, blind, or disabled. To qualify, you must have limited resources and income. If you are single, the value of your possessions, excluding your home, car, and some other resources, must be less than $2,000, and if you are married, it must be less than $3,000.
Social Security Disability Income is another program that provides benefits to disabled adults based on their work history or the work history of their parents. In order to qualify, the individual must have a disability that started prior to their 22nd birthday. SSDI is classified as a “child’s” benefit and is disbursed based on the parent’s Social Security earnings history.
Medicaid is a benefit program available to low-income individuals that pays directly to healthcare providers for medical needs that exceeds what Medicare will cover. Medicaid eligibility requirements vary by state, but in most cases, a person must have a low income and limited assets to qualify.
Finally, Medicare is a program that provides direct payments to hospitals, physicians, and pharmaceutical companies.. People who are 65 years old or older and eligible for Social Security benefits, as well as those who have been receiving SSDI for a minimum of two years, may be eligible for Medicare benefits.
| Program | Eligibility Requirements |
|---|---|
| Supplemental Security Income (SSI) | Financial assistance for elderly, blind, or disabled individuals with limited resources. Possessions must be under $2,000 for singles or $3,000 for couples. |
| Social Security Disability Income (SSDI) | Benefits for disabled adults based on work history or their parent’s work history. Disability must have started before age 22. |
| Medicaid | Healthcare coverage for low-income individuals with limited assets. Eligibility requirements vary by state. |
| Medicare | Available to individuals 65+ eligible for Social Security or those receiving SSDI for at least two years. |
Meet with a Special Needs Attorney
Creating an estate plan doesn’t have to be something you do alone. Planning for your loved ones can feel overwhelming, but guidance from professionals can make a significant difference. Working with a team that includes a special needs attorney, a financial planner, and other local resources can help address your specific needs effectively.
Starting this process without delay is crucial. Contact The Matus Law Group today at (732) 785-4453 to schedule a consultation. Every estate plan is unique, and our team of New Jersey estate planning attorneys has the knowledge and experience to help you develop a plan tailored to you and your loved one with special needs.
