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Sunday, July 15, 2012

Special Needs Trusts


Before I dive into special needs trusts I want to talk a little about what got me here, for me it was a Bi Polar diagnoses.  Untreated life can be very difficult as you cope with mood swings, feelings of depression and despair and feelings of mania or manic, racing thoughts.  It's during the mania that if untreated you can go on spending sprees, and this can cause problems for family and for yourself when your family isn't around, possible disowned you because you were gay, etc.

So here you are coping with your mental illness, you've lost your job, depressed, struggling to pay rent, feed yourself and you file for Social Security Disability Insurance.  You apply, qualify and start receiving a monthly stipend which is determined by a formula, especially if you had been working as you pay into the program out of each check, hence the word insurance.


Life is starting to level out, you applied for housing went on a wait list and moved in, you have health care, prescription drug coverage the basics to get you into medical treatment, take care of yourself, stay healthy.


If you weren't disowned because you are gay, and have supportive parents talk to them about special needs trusts you will thank me for writing about this and also thank our government for enacting the law that protects persons with special needs, people who are handicap, legally blind, living with mental illness, AIDS, etc.


What's the importance here.  Well your parent or parents pass away they own assets, possible a home, investments all this makes up an estate and wills.  If your folks leave you assets and you don't have a S.N.T. in place you will be forced to spend down all your inheritance so that you can re-qualify for your S.S.D.I. monthly benefits.


So please read up on special needs trust , discus this with your folks, if your are anyone, a cousin a neighbor and you've read this today and know of someone with special needs, mention this to their parents who may be struggling financially.  If your folks care that much, love you that much, they would want to take care of you when they are gone and that's what a special needs trust does.


For more information visit:

Special Needs Trust Video - State of New Jersey

National Association on Mental Illness - Trusts

Elder Law Alliance - Special Needs Trust

Guston and Guston
Deb works closely with each client to focus on their needs. For over 20 years, Deb has worked intensely on the rights and needs of GLBT clients and has become a leader in educating the New Jersey Bar on legal issues affecting the GLBT community. Deb


PL Financial
GT Group
Steven C. Testino, CFP
Certified Financial Planner
LPL Financial                                              201-939-0751       office
650 From Rd, So. Lobby 5th fl.                   800-617-0431        toll free
Paramus, NJ   07652-3517                           201-939-8940  fax
Steve.testino@lpl.com

Steven Testino is a Certified Financial Planner and is avavailable for
consultations regarding Special Needs Trusts