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Chicago Special Needs Trusts Lawyer

Chicago Special Needs Trusts Lawyer

Attorneys Helping Illinois Families With Special Needs Trusts

Multiple different types of tools can be used during the estate planning process. Trusts can provide a number of benefits, including protecting assets and providing for the ongoing care of different loved ones. However, when family members have disabilities or other special needs, they will usually also qualify for government benefits such as Medicaid or Supplemental Security Income (SSI). If the proper procedures are not followed, giving money or assets to a person may cause them to be ineligible for certain benefits. To avoid these issues, special needs trusts may be used.

An estate planning attorney can assist in creating a special needs trust, ensuring that it follows all legal requirements and is tailored to meet the individual's unique needs. The Marques Eason Law Group can help families determine their options for creating these types of trusts and addressing the needs of different loved ones. We will work with you to ensure that your estate plan takes into account the unique circumstances of all family members, allowing for the ongoing care and support of you and your loved ones.

Benefits of Special Needs Trusts

With a special needs trust, a person can provide assistance to a beneficiary with a disability without jeopardizing their eligibility for government benefits. Special needs trusts can be used in estate planning to ensure that the beneficiary will have the financial resources they need to maintain their quality of life, while still being able to access vital government programs like Medicaid and Social Security.

There are two types of special needs trusts:

  • First-party special needs trusts - These trusts are funded with the beneficiary's own assets, and they are used to supplement government benefits. This type of trust may be used in situations where a person already owns significant assets or receives payment for an injury or disability. For example, a personal injury victim may receive a settlement compensating them for their losses and providing for their needs. By putting the settlement in a special needs trust, the person can use these assets to address certain needs, and they will still be able to qualify for government benefits.
  • Third-party special needs trusts - These trusts are funded with the assets of someone other than the beneficiary, and they can be used to pay for anything that government benefits do not cover. A person may create this type of trust to provide assistance to children or other family members, ensuring that certain types of expenses can be covered.

Special needs trusts can be an important tool in estate planning, but they must be properly drafted and administered in order to be effective. These trusts can provide for certain types of expenses that are not covered by government benefits. For example, a special needs trust may pay for assistive equipment, electronic devices such as computers or cell phones, some of a person's medical and dental expenses, education, transportation, entertainment, insurance, and other necessities. Since government benefits will cover expenses such as food and housing, it is important to ensure that special needs trusts will be used for other purposes.

Contact Our Beverly Special Needs Trusts Lawyer

If you are considering using a special needs trust in your estate plan, it is important to consult with an experienced attorney who can help you navigate the complexities of this area of law. Without proper planning, a special needs trust may not be effective, or it may even cause unintended consequences. At The Marques Eason Law Group, we can help you navigate the complex rules and regulations surrounding these types of trusts. Contact us today at 312-973-3755 to learn more about how we can help you determine the best estate planning strategies that will provide for the needs of your loved ones while also protecting and preserving your assets and ensuring that your wishes will be followed correctly.

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