Benefits of a Special Needs Trust
Caring for a family member with special needs takes a great deal of dedication. If you are growing old but are still taking care of your family member with special needs, there are certain tools that have been created to ensure that a proper plan can be set in place regarding the care of your loved one with special needs. It is important to understand and utilize these tools properly, as simply leaving a lump sum of money to an individual with special needs can affect his or her ability to qualify for other benefits, such as Supplemental Security Income (SSI) or Medicaid.
In order to ensure that your loved one will be adequately provided for long after you’re gone, you may consider the benefits of a special needs trust, also known as a supplemental trust. At Peck Ritchey, LLC, our attorneys have a thorough understanding of the complexities involved in estate planning, even when a special needs family member is involved. We can use our expertise to help you create a plan that will both provide for your loved one and secure your own peace of mind.
Using Funds in a Special Needs Trust
When creating a special needs trust, you will be able to appoint a trustee who will then assume the responsibility of spending those funds on your loved one’s behalf. The trustee will not be able to give money directly to your loved one, however he or she will be able to make decisions regarding the spending of this money on things such as the following:
- Home furnishings
- Medical expenses
Special needs trusts generally end once they are completely spent or once the beneficiary has passed. Additionally, SSI and Medicaid administrators will not take these funds into consideration when determining whether or not to offer your loved one aid.
Contact a Chicago Estate Planning Attorney
If you want to prepare a thorough plan for the care of your loved one after you have passed, the Chicago estate planning attorneys at Peck Ritchey, LLC can help you. Call our Chicago office today at (855) 328-5787 for more information.