Planning for a loved one with special needs can be overwhelming. You’re likely worried about their financial security and want to maintain their access to important government assistance.
Consider a special needs trust if you’re exploring estate planning options for long-term care. This approach might be the solution you need.
Does a special needs trust have unique benefits?
A special needs trust allows you to set money aside for someone with disabilities without affecting their access to government support like Medicaid and Supplemental Security Income. Other advantages include:
- Covering quality of life expenses
- Expert management of assets
- Potential tax benefits for the person setting up the trust
This type of trust may seem complex, but the long-term impact on your family members could be significant.
A special needs trust can cover many expenses
This trust can fund various items to enhance your loved one’s quality of life, such as:
- Education resources
- In-home care
- Uncovered medical expenses
- Home improvements
- Leisure activities
- Vacation costs
Looking into these potential needs could help you plan more effectively for your loved one’s future, even when you can no longer provide care yourself.
The special needs trust can be a powerful tool for New Jersey families. They help secure your loved one’s future while preserving their benefits, offering you peace of mind about their ongoing care and well-being.