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Rolling Meadows Special Needs Trust Attorney

Schaumburg supplemental needs trusts attorney

Lawyers for Supplemental Needs Trusts in Arlington Heights and Palatine

During the estate planning process, families will often want to take steps to ensure that their loved ones have the financial resources they need throughout their lives. In many cases, wills and trusts can be used to protect assets and pass them on to one's beneficiaries. However, there are some situations in which additional steps may need to be taken to provide for loved ones with disabilities or special needs.

At A. Traub & Associates, our lawyers have helped numerous clients create comprehensive estate plans, and we can work with you to ensure that your plan addresses your family's unique needs. If you want to provide financial assistance for a disabled loved one, we will work with you to create a special needs trust.

Benefits of Special Needs Trusts

Individuals who are disabled or who have certain types of special needs often rely on government benefits. They may be eligible to receive ongoing income through Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI), and Medicare or Medicaid benefits may be available to provide for their medical needs. However, to qualify for these benefits, the income they earn and the assets they own must be below a certain threshold.

If you want to provide for a loved one with a disability, gifting them with money or leaving certain assets to them in your will could cause them to become ineligible for certain public benefits. Eligibility for public aid could also be jeopardized if a person receives a personal injury settlement. In order to avoid this, a special needs trust (sometimes referred to as a supplemental needs trust) can be created to ensure that assets will be used in a way that does not affect public benefits.

As with other types of trusts, the assets in a special needs trust will be placed in the control of a trustee, who will then distribute the assets to the beneficiary. Since public benefits are meant to cover needs such as food, shelter, and healthcare, the funds from the trust cannot be used to pay for these types of expenses. Instead, they may be used to address other needs, such as:

  • Clothing
  • Furniture and household items
  • Cell phone or internet service
  • Travel and recreation
  • Education
  • Medical equipment or services not covered by Medicare or Medicaid

Contact a Mt. Prospect Estate Planning Lawyer

If you have a loved one with special needs, the attorneys of A. Traub & Associates can help you understand your best options for providing them with financial resources. We can help you create and fund a special needs trust to provide immediate financial help, or we can ensure that your will specifies how this type of trust should be created after your death. We can also help you create a self-settled trust that will allow you to provide for your own needs.

When you are preparing for the future, our lawyers can help you build a comprehensive estate plan that protects your assets and provides certainty that your family's needs will be met and your wishes will be carried out correctly. To schedule a confidential consultation, contact us today by calling 847-749-4182. We provide estate planning services in Palatine, Wheeling, Arlington Heights, Hoffman Estates, Rolling Meadows, Elk Grove Village, Des Plaines, Mount Prospect, Schaumburg, Inverness, Buffalo Grove, Long Grove, and throughout Northwest Cook County.

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