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Protecting loved ones with special needs trusts

Almost everyone has heard the old saying, "In this world nothing can be said to be certain, except death and taxes," which is attributed to Benjamin Franklin. Many New Jersey residents may be aware of how closely these two certainties are intertwined when a person reaches the final years of his or her life. Taxes can rob a person of a substantial amount of his wealth and can reduce the size of the estate a person passes down to his or her loved ones.

Previous posts on this blog have discussed how trusts can help people prepare their estate plans and reduce their overall tax implications. Accomplishing these goals can be very important for some people who must financially support and care for loved ones even after they die. This delicate situation can arise when decedents leave disabled beneficiaries.

New Jersey residents who find themselves in this difficult situation have the option to create special needs trusts. Special needs trusts anticipate the continuing needs of disabled loved ones while preserving estate wealth and the benefits available to trust beneficiaries. Experienced trust attorneys can help individuals facing this issue select trust administrators who will appropriate manage the trusts for their loved ones.

No one wants to think about leaving behind family members in need of continuing care. However, there are ways to protect loved ones even after a caretaker's death. Special needs trusts can be an important part of a person's estate plan and must be properly formatted to ensure that they meet their beneficiaries' needs.

The Donnelly Ritigstein Law Offices have been providing trust creation and support to its clients for a number of years. Our lawyers understand the importance of establishing estate plans that work for our clients' unique and important needs.

Source: For more information about how a special needs or other trust can fit into your estate plan, please visit the firm's webpage on Special Needs Trusts.

Source: For more information about how a special needs or other trust can fit into your estate plan, please visit the firm's webpage on Special Needs Trusts.

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