When you have a child or loved one with special needs, you may worry about what happens if you pass away. You know that some people may try to take advantage of their limitations and steal their resources away from them. In these situations, it is best to establish a special needs trust that will keep them protected. It will ensure assets will get used just as you intended. Continue reading below to discover more reasons to establish one for your family member.
Preserve Public Benefits
When those with significant special needs acquire assistance from Supplemental Security Income and Medicaid, they only get support for basic expenses. You may want your assets used to enhance their lifestyle and provide them with additional opportunities. However, your payments can jeopardize their eligibility for these benefits. To ensure you do not limit the amount of aid they receive, you can use a special needs trust in Illinois. The money from this account is not counted as income by these government agencies.
Contributable
If you establish the trust while your child or loved one is still young, grandparents, friends, and others can help by making yearly gifts to the special needs trust in Illinois. They can give what they want up to certain limits that can be explained by your lawyer. Taking this route can also allow you to support your child or loved one without incurring a generation-skipping tax or gift tax.
Allow a qualified professional to assist you with a special needs trust in Illinois. Check out Life’s Plan Inc. For more information, visit their website or contact them today.
