Children born with special needs bring special joys to a family – but they also bring challenges. Your special needs child is legally entitled to certain benefits and protections under both Illinois and Federal laws. A special needs trust attorney can help you guarantee your child’s benefits – and protect your child’s future. Children with special needs do not have short-term needs. They need to be cared for and protected now, and in the future. Many children with special needs require long-term care plans including:
• Medical care
• Eligibility for any government benefits such as Supplemental Security Income (SSI) and Medicaid
• Assets from an inheritance, a lawsuit or other income
• A trustee to ensure your child’s assets are properly managed
Creating a special needs trust for your child can be confusing and overwhelming or confusing, but a special needs attorney can guide you through the process of choosing the best type of special needs trust for your situation. Here are three reasons to hire a special needs trust attorney.
1. Your Child May Not Be Receiving Benefits They Are Entitled To
Your child with special needs may qualify for disability benefits. SSI or Medicaid pays for many therapies and tutoring. But what if you leave your child an inheritance – will they lose their SSI benefits? A special needs trust attorney can help you set up a trust so that your child received the benefits they are entitled to, and they can have funds to cover their additional costs that Medicaid does not provide for.
2. Protect The Funds Designated For Your Child
A special needs trust attorney can protect the funds that you have set aside for the care of your special needs child. You want to secure and protect that money from taxes and other expenses that could deplete your child’s funds and leave them unprotected.
3. Updated Legal Requirements
A special needs trust attorney can help you to make sure your special needs trust is current and up to date with new tax laws, and if the situation of your special needs child changes. For example, if federal or state trust laws change you want to be certain that your child is still protected and cared for after you are gone, or the recent changes in tax laws governing inherited retirement accounts (IRAs) and families with financial plans for their children with special needs.
Setting up a special needs trust for your child seems confusing and overwhelming, but a special needs attorney can guide you through the process.
Do you have questions about protecting the future of your special needs child in Illinois? Our experienced special needs trust attorneys understand applicable laws and can advise you on the best options to protect your family. Contact the Estate & Probate Legal Group at 630-864-5835.
AREAS WE SERVE: Cook, Dupage, Kane, Lake, and Will counties