New Jersey Special Needs Trust Attorneys

Sussex County law firm secures protection for family members with disabilities

Parents and guardians of individuals with special needs often have genuine concerns about what will happen to the person they love when they themselves are no longer able to provide financial assistance. At Hollander, Strelzik, Pasculli, Vandenberg, Hontz & Kutyla, LLC in Newton and Succasunna, our New Jersey special needs trust attorneys craft personalized legal instruments to provide an ongoing source of financial support for disabled persons. Let us show you how a special needs trust can be developed to help the person you love while averting potentially costly mistakes. 

Why create a special needs trust in New Jersey?

A family member with a physical or mental disability might not be able to earn the income needed to sustain themselves over their lifetimes. Parents who provide financial support to their adult sons and daughters must face the question of what happens after they are no longer able to do so. Establishing a special needs trusts creates a legal structure into which parents and other family members can transfer assets that will be used to assist their special-needs loved one now and the future. 

Benefits of establishing a special needs trust

Unlike wills, trusts allow their creator to determine how funds will be spent even after they have passed away. This can be crucial in a case where a special needs individual is the beneficiary. You could have a trustworthy family member or even someone with professional expertise manage the trust assets in a manner that is not possible with a general bequest. Another benefit is that it avoids the beneficiary becoming owner of funds distributed to them, which could disqualify them for assistance programs. 

Types of special needs trusts

Our firm assists with all forms of special needs trusts. Most of these legal instruments are referred to as third-party special needs trusts, meaning that they are funded by parents of the beneficiary or other loved ones. Conversely, a first-party special needs trust can be set up if the beneficiary has assets of their own to be placed into the trust. This might happen if they inherit property or obtain compensation through a personal injury lawsuit. Another type is a pooled trust, where a charitable organization or some other group creates a mechanism for supporting several beneficiaries with something in common. 

Key considerations to discuss with your NJ special needs trust attorney

When you speak with a northern New Jersey estate planning lawyer about establishing a special needs trust, there are several topics that require thoughtful consideration, including:

• Legal compliance — A special needs trust must be reliable and enforceable for years to come, possibly even after your death. Our firm ensures that all legal requirements are satisfied. 
• Eligibility for government benefits — Many individuals with a disability rely on government benefits that can be taken away if the value of their assets exceeds a certain level. A special needs trust serves as the legal owner of assets so that the beneficiary can remain eligible for Medicaid and other programs.
• Trustee selection — The trustee will have control over the management and distribution of trust assets, so it is imperative to select someone who is honest, capable, organized and committed to finding the best use of trust assets to assist your loved one. 
• Beneficiary advocacy — You might wish to appoint someone to serve as an advocate for the beneficiary so that they can identify needs to the trustee or raise a concern if they believe funds are not being properly managed.

You can rely on us for knowledgeable guidance as we develop an enforceable special needs trust tailored to your circumstances. 

Choosing a trustee for a special needs trust

If you have any questions on who should serve as the trustee of your special needs trust, our lawyers will go into detail regarding the specific responsibilities associated that role. Of course, some level of financial acumen is important because you want to avoid any squandering of assets meant to benefit your loved one. Depending on the property held in the trust, it might also be wise to pick a person who understands principles of safe investing. 

Speak with a North Jersey attorney about creating a special needs trust

Hollander, Strelzik, Pasculli, Vandenberg, Hontz & Kutyla, LLC establishes special needs trusts for New Jersey clients who wish to provide a financial support structure for a loved one who has a disability. We have locations in Newton and Succasunna. For a consultation with an accomplished estate planning lawyer, please call 973-862-4396 or contact us online.