No adult planning a family ever says, “I want to have a child with disabilities and have to worry about him or her the rest of his or her life.” No parent ever expects to have a special needs child. Yet, when life throws you a curveball, you have to figure out how to swing the bat or face striking out completely. That is where advanced financial planning like pooled trusts in Chicago can make the world of difference. There are several ways you can plan for your child’s future and even provide for your adult child with disabilities after you have passed away. Pooled trusts in Chicago work like this.
Your Child Can’t Get Public Assistance Because of Income
Many children with special needs are able to hold down a job part-time. It may be very limited in skill, or they may be high functioning enough to make minimum wage. Wherever your son or daughter falls here, you want to ensure that he or she can still get disability benefits and public assistance to help him/her along. Income is a huge part of losing or gaining those benefits in any state, not just Illinois. Ergo, the “excess” income has to go somewhere so that it can’t be counted by the state or federal government.
“Excess” Money Goes Into a Pooled Trust
Yes, the money you put into this sort of trust is pooled with others’ money. That may sound confusing until you understand that the amounts that everyone puts into the “pool” are recorded as separate accounts. Your child or your child’s financial guardian can draw on the trust money when needed.
To establish this kind of trust, contact Life’s Plan, Inc., or visit their website today for more information on Pooled trusts in Chicago.
