Lombard, IL Attorneys for Special Needs Trusts

Dedicated Lawyers Helping Families Provide for Disabled Loved Ones in Lombard, Illinois

Every family may face unique challenges during the estate planning process. Choosing the right tools, selecting appropriate beneficiaries, and preparing the necessary documents can be confusing in any situation. However, special attention may need to be paid to situations where a family member or loved one has special needs. While it may make sense to leave assets to this person to help address their needs, doing so may cause more problems for them than you might realize.

People with disabilities often rely on government aid programs, and the requirements for qualifying for these programs can be strict. An inheritance or any other gifts from loved ones could impact a person's continued eligibility for benefits. Fortunately, it is possible to use trusts to prevent these issues. When special needs trusts are created, funded, and managed correctly, they can provide essential support without causing problems for the beneficiary.

At A. Traub & Associates, we can help you include a special needs trust in your estate plan while addressing any other legal or financial concerns that may affect you and your loved ones. We will work closely with you to determine the best steps to take to provide security for your loved ones without jeopardizing their ability to receive needed assistance from other sources. Our goal is to provide you and your family with the tools you need to succeed.

Understanding Special Needs Trusts

Many people with disabilities qualify for and rely on assistance from government programs such as Medicare, Medicaid, Social Security disability benefits, and others. A large number of these programs are based, in part, on the disabled person's financial need, and they take into account his or her income and available resources. To qualify for assistance, a person will often need to show that they have limited income and assets. A substantial addition—or in some cases, even a small addition—of property, such as a personal injury settlement or inheritance, can cause the disabled person to become ineligible for benefits through these programs.

To avoid this, a special needs trust can be created that will hold the assets on behalf of the disabled person. These trusts, which are sometimes called supplemental needs trusts, can be set up and funded with the assets that would have gone directly to the disabled person. The funds can then be used to supplement the benefits provided by the government.

To maintain eligibility for government benefits, the assets in a trust must be distributed in a certain way, and they must be used for approved purposes. Because public benefits will typically cover essential needs such as food and rent, distributions from a trust can address other needs, such as education or entertainment. By making sure a special needs trust is funded and used correctly, you can provide a better life for your loved one while ensuring that they have the resources they need.

Including a Special Needs Trust in Your Estate Plan

Our experienced attorneys can help you meet all of your estate planning needs, including the creation of a special needs trust for a disabled person. If necessary, we can help you draft your will to allow such a trust to be created after your death. In addition to completing the necessary paperwork, our team will work with you in choosing a trustee or trustees who can manage the trust on behalf of your disabled loved one.

The laws that govern the creation of special needs trusts and the disbursements are very complex, and they can be confusing. The hardworking attorneys at A. Traub & Associates can help simplify the process for you so you will be able to focus on making important decisions about the financial security of your family.

Contact Our Lombard, IL Special Needs Trust Lawyers

For more information about special needs trusts, wills, or any other estate planning tools, contact our office. We will help you explore your options, and we will work with you to develop a plan tailored to meet your family's unique needs. Call 630-426-0196 to schedule a consultation with A. Traub & Associates today.