Why should I
establish a trust for a disabled
individual in my family?
Must the trust
that I establish for my disabled child
be funded now?
How often should
my estate plan related to my disabled
child be reviewed?
What are my duties
as a representative payee for social
security benefits?
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.
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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.
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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.
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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.
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Please see our
Frequently Asked
Questions regarding Special Education>>
Please see our
Frequently Asked
Questions regarding Adult Services For
People With Disabilities >>
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. |
