Transition Planning for the Future: Special Needs Trusts—Six Key points
Planning for your kids’ future can be daunting, but parents of children with special needs must take a few extra steps to make sure their children will be taken care of in adulthood. If your child is or will be receiving government benefits, be sure that any money you bequeath in your will or any other monetary gifts to the child are paid through a special needs trust (SNT). A special needs trust is set up by an attorney so the money you bequeath will be deposited into a trust managed by a trustee whom you appoint. To set this up, consult with an attorney who specializes in special needs trusts. Be sure to fully discuss these options with your support team, as your own individual challenges will dictate the best options and resources for your family.
The 6 key points to consider when starting the process of a Special Needs Trust?
WHO qualifies for a Special Needs Trust?
WHAT is a Special Needs Trust?
WHY create a Special Needs Trust?
WHEN is it best to prepare a Special Needs Trust?
WHAT agencies need to be aware of the Special Needs Trust?
HOW to begin the process of a Special Needs Trust?
Research the ABLE Account in your state
You can open the account for yourself, or an authorized individual can open one on your behalf, if your disability was present before the age of 26; and one of the following is true:
- You experience blindness as determined by the Social Security Act; or
- You are entitled to receive SSI or SSDI benefits or have a similarly severe disability with a written diagnosis from a licensed physician.(The account owner or authorized individual must certify the disability. See Plan DisclosureDocuments for details.)
For more information go to: https://savewithable.com/nj/home.html
Additional Points to Keep in Mind
- DDD registration should be done at the age of 18 not the year prior to graduation.
- When choosing a support coordinator, it is always a good idea to ask for recommendations from friends, school or Primetime Center. Call and interview different Support Coordinators prior to making your decision. Choosing a good support coordinator is critical for success in the adult world .
- You are able to access your child's budget as soon as they turn 21 . You do not have to wait until they graduate. If you have not received a tier assignment by the age of 21 reach out to DDD to get it.
- Community Care Program (CCP). If both parents are 55 or older or if there is a reason a parent cannot support a child once they turn 21, they child can be put on the Priority One wait list for CCP. This will escalate their application and placement on the waitlist
You could also reach out for more information to our Transition Coordinator or the folks at PrimeTime Center (our over 21 program).
Request a Tour of The Gateway School
Since 1980, RKS Associates has been a leader in providing the needs of special education students and helping children grow to their fullest potential. Each of our schools seeks to empower each student with skills for life, work, and recreation; we believe that every individual possesses the dignity and potential to contribute to a better world.
As part of the RKS Associates Network of schools in New Jersey, the goal at the Gateway School is to assist all students in becoming as independent as possible and help them get ready for the future. Located in Carteret, NJ, we serve individuals throughout Central and Northern New Jersey. Contact us at our main office at 732.541.4400 with any questions or schedule a private tour of the Gateway School today.
Chris Hoye, Principal-The Gateway School of Carteret, NJ