In preparing a Will, parents of a special needs child must give careful thought as to how to divide up their assets among multiple children. In deciding how to allocate resources, consideration should be given to the financial needs of each child, the ability of each child to support himself or herself both currently and
government benefits
Permissible and Impermissible Distributions from Special Needs Trusts
By Mary Browning on
The following are some examples of expenses and distributions that can and cannot be made from a Special Needs Trust. This list is not exhaustive, but is meant to provide some guidelines as to the proper administration of a Special Needs Trust.
Permissible Distributions
1. Purchase of home or condo, as long as rent is…
Your Special Needs Trust May Need Revising as a Result of Recent Policy Changes
By Lori Wolf on
Posted in Estate Planning, Special Needs Trusts
Now is one of those times when it is important to revisit your planning. In the past few years, shifts in thinking by the Department of Health and Senior Services have resulted in positions being taken that would eliminate the effectiveness of many special needs trusts. In the past, under New Jersey law, it has been…