New Jersey Special Needs attorney Christine Matus releases a new article (https://matuslaw.com/what-is-a-supplemental-needs-trust-in-new-jersey/) explaining the conditions of a special needs trust. The lawyer mentions that a Special Needs Trust (SNT) is a trust that is created for the sole benefit of a disabled person before the age of 65. The purpose of a Special Needs Trust is to allow beneficiaries to supplement their income without affecting their eligibility to receive disability assistance such as Medicaid or Supplementary Social Security (SSI).
According to the New Jersey Special Needs attorney, “An SNT can be established by the disabled individual’s parent, grandparent, legal guardian, or by the court. There are Special Needs Trust attorneys who specialize in helping clients secure SNTs for their disabled family members.”
The lawyer explains that under New Jersey Laws, an SNT must be able to meet specific criteria. This criterion includes that the trust has to contain the individual’s assets, that all deposits are made to the trust before the beneficiary turns 65, that the trust can only be for the sole benefit of the beneficiary, and that the beneficiary must be disabled as defined by 42 U.S.C. 1382c(a)(3).
Attorney Christine Matus adds that SNTs are also not perfect. There are circumstances that a client should carefully consider before opting for SNTs. One disadvantage of an SNT is that the control of the trust lies squarely with the trustee and not the beneficiary. This situation can limit the beneficiary’s independence and they will have to rely on the trustee.
In the article, attorney Matus adds, “Still, given what’s at stake, the advantages of an SNT, will in most cases, outweigh the drawbacks. Furthermore, the one thing that these trusts provide which cannot be denied is peace of mind. Knowing that your disabled loved one will be taken care of regardless of what happens to you, is in itself enough reason to seriously consider creating an SNT.”
Lastly, the estate planning attorney explains that it is important to seek the help of a skilled lawyer when it comes to matters such as special needs trusts. Having an experienced attorney may be able to help the client understand the complicated laws surrounding the probate system and ensure that the future of their loved ones is safe.
About The Matus Law Group
The Matus Law Group has a team of estate planning attorneys who are committed to helping families and individuals in real estate transactions in New Jersey and New York. Through a team approach, they work hard to help their clients with their estate planning needs. Call The Matus Law Group today at (732) 785-4453.
SOURCE: Press Advantage [Link]
The Matus Law Group is an experienced team of attorneys who can help you and your family plan for life, protect and care for loved ones with special needs, cope effectively with disability and death, and preserve inheritances for future generations.