New Jersey Special Needs Trust Attorneys
Special Needs Trusts, both self-funded and third party, are very useful to hold assets for the benefit or future use of a disabled individual. The law office of Price & Price, LLC offers more than 30 years of legal experience and an extensive understanding of these asset protection trusts. Contact our Special Needs Trust and estate planning lawyers to discuss your needs and those of your loved ones.
It is very common for a disabled adult or child to receive governmental benefits in the form of Supplement Security Income (SSI) or Medicaid. In order to be eligible for these benefits, however, these individuals must meet a low income and asset standard. A substantial personal injury recovery or inheritance could make the individual ineligible for benefits if not transferred appropriately.
Special Needs Trust
A Special Needs Trust is created after a personal injury recovery to hold the assets for the benefit of the injured individual. The purpose of the assets in a special needs trust is to enhance the quality of life for the disabled individual. Rather than transferring the compensation directly to the individual, our special needs trust lawyers divert the assets into a carefully drafted trust. If created properly, the individual will still qualify for government benefits.
Third Party Special Needs Trust
A Third Party Special Needs Trust is created to transfer an inheritance or other assets (usually from a parent or grandparent) for the benefit of a disabled individual. The money is transferred into the trust in order to maintain the disabled individual's eligibility for governmental programs. It is crucial that a special needs trust be created properly. Otherwise, government benefits will terminate, and the assets will be depleted very quickly (being spent on medical and other needs).
Trust Our Experience
Our New Jersey special needs planning law office is unique in that we are exceptionally skilled in drafting and creating effective self-funded and third party special needs trusts. Ensure that your loved one's interests and assets are preserved, contact our New Jersey special needs trust attorneys today.
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