Your special needs adult child may want to live on their own or in a facility with other people like them. Unfortunately, your child may not have a job that pays for their dreams of independence. But don’t worry; there is a way you can still help. You may be able to set up a special needs trust to help fund your child’s independent lifestyle without losing their governmental benefits.
A trust is a legal arrangement in which a person or financial institution manages the beneficiary’s assets. And since you are their parent, you may be able to establish yourself as the trustee of your child (the beneficiary). A special needs trust is designed to aid your physically or mentally challenged child to grow and become a strong adult. And, because your child does not own the assets in the trust, they remain eligible for governmental benefits such as
This allows you to add money to their budget while limiting how they use the funds. It determines how much and how often your child can access their money. They can spend the money to pay for housing, food, education, or everyday uses such as haircuts or entertainment.
Every family has a unique situation. This is why you will want to work with an attorney who is experienced in setting up special needs trusts. Sitting down with someone who understands the ins and outs of establishing a trust can help ensure your child receives what they need. Your child does not need to wait until you’re gone to access the benefits of a trust. You will soon see the importance of working with an Illinois trust attorney to help your child live their life to the fullest.
Do you have questions about setting up a trust in Illinois? Contact us today at the Estate & Probate Legal Group at 630-864-5835. Our experienced attorneys understand applicable laws and can advise you on the best options to protect your loved ones.
Areas we serve: Cook, DuPage, Kane, Lake and Will counties.
