Estate Planning NJ for Special Needs Children
Estate Planning for Your Child With Special Needs in New Jersey-It is Never too Soon
Carolann Garafola, Executive Director, Mt. Bethel Village
Estate planning has long been the topic that many run from, ignore or feel that they do not have the big assets that put them in the category of the wealthy. However, when a child with special, whether it be Autism, Developmental Disabilities or Traumatic Brain Injury, comes into the family, parents must face the reality that whether this child is their first or their third, plans must be made in case both parents are not living to take care of this child. Some families may think, my money will go to all my children and they will work it out. In other cases, some families may think, my oldest child will take responsibility to manage the finances for my child with disabilities or a brother, sister or god-parent make sure that adult housing is provided. Parents need to be in control of what happens until the day they pass; and so they need to consider such planning while they are alive.
Parents need to consider a number of issues that include:
Thus, consideration of what to do with your home, your insurance and any retirement benefits that come to you and could pass to your heirs, requires answering a lot of questions; gathering of documents; planning; and careful due diligence in finding an attorney that will work with you to plan for your child with special needs. Speak with other families, attend seminars that are often held for free to meet with financial planners and attorneys, and seek out someone who prepares Special Needs Trusts as a specialty as they will more than likely be up on the latest laws. Check out the Internet to learn about such planning, and read as much as you can. The point is do it now.Request More Information Request a Tour