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McCurrie McCurrie
& McCurrie, L.L.C.

680 Kearny Avenue
Kearny, NJ 07032-3010
Phone: (201) 467-4180
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What you need to know about special needs trusts

Special needs trusts are invaluable tools developed to provide those with special needs financial support. The reason these kinds of trusts are so important is that when done correctly, they won't interfere with any government benefits the person with special needs might also be receiving. For those in need of a way to provide for their special needs dependents, these trusts make good financial sense.

Here are a few basics you need to know before creating a trust for your special needs loved one.

Unlike funds received through a legal settlement or an inheritance, a special needs trust allows the beneficiary to continue receiving government-funded Medicaid and social security disability benefits. This way, the beneficiary has government resources to cover medical care, shelter and food while the special needs trust can cover any ancillary needs such as travel, personal care, education and more.

There are several kinds of trusts for special needs. It's important to find the right one for your particular situation. The trusts include:

-- Pooled Trust: A non-profit organization acts as trustee and operates this trust for more than one beneficiary.-- Self-Settled Trust: The person with special needs typically puts this kind of trust in place. Any leftover funds after death revert to the government.-- Third-Party Trust: Family members or friends of the disabled beneficiary establish this type of trust.-- Social Security Trust: Each state has its own rules for this trust, but the trust functions via lump-sum social security payments placed into this special needs trust.

Providing for a disabled person is one of the greatest worries many New Jersey families suffer. Creating a trust fund for special needs is a practical and simple way to make sure a loved one has everything he or she needs to live out their lives in comfort. To get started, consult a Jersey City attorney for help in planning your estate and establishing a special needs trust fund.

Source: NWRC Northwest Regional Office, "Special Needs Trusts" Nov. 21, 2014

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