Special Needs Planning—Trust Funds

Whether the child is over the age of eighteen or a minor with special needs, setting up a trust for them can require a lot of money. The specific amount is hard to say because it is hard to predict how much money they will need in the future. There are many variables such as inflation, life expectancy of the special needs child, government benefits they can receive, and investment return. This is why you need to seek the help of an attorney to help with your special needs planning in Toms River.

Before you see an attorney there is certain information that you will need to gather along with certain things to consider, which includes:

• Assessing the future capabilities of your child. If the child is young this might be difficult to do. You should talk to the medical professionals involved in the child’s life for an evaluation of their future prospects. If the child is already an adult it is easier to understand what their needs and capabilities will be in the future.
• Inventory your assets, including any money from your retirement accounts, life insurance policies, 401k, etc
• Identify and write down your current living expenses and approximate future living expenses. You should also include any future income sources for the child. If your child is young it is possible when they become an adult they may be able to get a job and earn income to contribute financially to the household. You should also consider any government support and benefits that your child is now receiving or could receive in the future. You also need to check to see if any other family member will be gifting or leaving an inheritance for the child.
• Place a dollar value on anticipated expenses and income, which can include living expenses, medical care, education, transportation, etc. while you are determining special needs planning in New Jersey. If your special needs child is unable to live on their own or take care of themselves they may need to go to a nursing home or a home specifically designed to take care of special needs children.

When talking to an attorney they can help you get an idea of what the rate of inflation might be in the future and the return on your investments. These would be just assumptions because they could be lower or higher than what is figured but it can give you an idea to help with your special needs planning in Red Bank for your child in the future. It is best to have a trust fund set up to take care of your special needs child in case something happens to you.