ESTATE PLANNING FOR PEOPLE WITH DISABILITIES


NEW JERSEY

Estate Planning For People With Disabilities

Why should I establish a trust for a disabled individual in my family
As a parent of a disabled individual, you want to make sure that the assets that you intend for this child to inherit will in fact go to them. Moreover, you want to make sure that if your disabled child needs money down the road, that money is in fact available to them and only them. Furthermore, you want to make sure that no other individual has standing to interfere with the assets that you intend for your disabled child to make use of. Establishing a trust for your disabled child avoids unnecessary fighting with other family members and, assures that your child is financially secure in the manner that you intended for them to be.

Must the trust that I establish for my disabled child be funded now
Not necessary. Usually such trusts are funded at death unless health, tax or other compelling reasons necessitate otherwise. The trust can be funded prior to death and that choice is up to you.

How often should my estate plan related to my disabled child be reviewed
Your estate plan should be reviewed every 3 years by you and with an attorney every 7 years unless a significant event occurs sooner. As a point of reference an adequate estate should include a will, power of attorney, a living will and a trust for a disabled individual in your family.

What are my duties as a representative payee for social security benefits
You have a duty to spend the money in the best interest of the disabled person for whom you are a representative payee. You should also keep adequate records of all your actions and transactions.

Please feel free to tour our site seeking anything that you may have in relation with our legal disability services in New Jersey

We are an experienced estate planning attorney in Bergen County, NJ .

For more information on estate planning for those with disabilities, please contact The Levine Law Firm with any further thoughts and questions, We will be more than happy to help.