Planning a Special Needs Trust
There is a lot of planning and learning that comes with how to best handle the care of a special needs family member or loved one. One of the most poignant factors of this process is the administration of a special needs trust. A special needs trust is a trust designed to provide a person who has a disability with assets that enhance his or her quality of life, while also allowing them to remain eligible for needs-based public benefits. This is important for ensuring that the individual always has the necessary resources for any pertinent needs that may arise. Some people ask if handling the process of setting up a special needs trust is something that can be done without the guidance of a lawyer, and the answer is almost always a resounding no: it is too critical of a process that comes with a plethora of intricacies which must be handled with complete accuracy.
What to Expect when Planning a Special Needs Trust
There are many critical factors that will be addressed when one is attempting to become the trustee of a family member or loved one’s special needs trust, and many questions that crop up throughout the process. These include:
- Limits on number of trustees
- Difference between settlor and grantor
- Beneficiary payments/effects on trust
- Medicaid and Special Needs Trusts
- Special documents
- Medicaid reimbursement
- Difference in “supplemental” trusts and special needs trusts
- Understanding a Medicare set-aside
These are only some of the things that call for assessment when setting up a special needs trust, each with its own array of regulations that require close attention. All of these can quickly become confusing, making for a complicated and stressful experience when trying to figure out what the best path of action is for each individual, especially when considering the many differences that exist between each case. That is why the attorneys at Peck Ritchey, LLC, are dedicated to assisting families in navigating each step of the process, while providing advice that can alleviate the stress that typically accompanies this imperative endeavor.
Contact the Chicago Special Needs Planning Team
At Peck Ritchey, LLC, we understand how important it is to get a special needs trust in place so that the well being of your family and loved one is absolutely ensured. Our planning team utilizes our extensive knowledge, coupled with the coordination of both private and public resources in order to maximize the efficiency of your experience in getting your special needs trust in place. To evoke the professional guidance and dedicated support of our Chicago special needs trust planning lawyers, call (855) 328-5787 today.