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:
It’s important that parents do not accidentally jeopardize their children’s eligibility for government benefits such as Supplemental Security Income (SSI), Medicaid and other public assistance benefits because of an inheritance.
A special needs trust can allow a child with special needs to enjoy a comfortable quality of life while continuing to receive Social Security and other benefits. The funds in a special needs trust can be used to supplement your child’s government benefits and pay for things that Medicaid does not cover, such as a home, special wheelchairs, handicap-accessible vans or mechanical beds and to pay for a caretaker, vacations and recreational activities.
A third-party special needs trust is funded by the assets of another person, typically the parents of the beneficiary, who leave them assets in their estate plan. A third-party person, the trustee. is named to manage the funds and to support the person with special needs. Because the third-party special needs trust owns the assets, and not the child, a properly special needs trust is not liable to the beneficiary’s creditors. When the beneficiary dies, the remaining funds do not need to be reimbursed to the state.
An experienced estate planning lawyer familiar with special needs trusts and Illinois and federal laws can create a trust to provide long-term protection for your special needs child in the event that you are no longer able to care for them. A trust and estates lawyer can help you to create the right special needs trust for your situation, and protect your child today and in the future.
Do you have questions about protecting 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 630-687-9100.
AREAS WE SERVE: Cook, Dupage, Kane, Lake, and Will counties