Law Offices of Irene Clarke David, Ltd. (847) 382-6620

Practice Areas: Special Needs Planning

If you are the parent of a disabled child, this area will be of great interest to you. As you probably already know, any assets that are left directly to a person who is receiving government assistance can disqualify them immediately from any and all assistance they are receiving. With the high cost of care, the results can be devastating.

If you have a special needs person in your family whom you are caring for or may be responsible for in the future, please seek professional help before crisis time. Failure to seek qualified professional assistance can be very expensive.

What is a Special Needs Trust?

A Special Needs Trust is a trust that holds title to property for the benefit of a child or adult who has a disability. The funds in the trust are used for the disabled individual to supplement benefits not provided through government assistance programs such as SSI and Medicaid. The trust can hold real property, personal property, cash, or can be the beneficiary of life insurance proceeds.

The funds in the trust are spent to ensure the comfort and happiness of the disabled person when they are not being provided for by any private or government agency. This can include treatment and rehabilitation, equipment, eye glasses, medical and dental expenses, training, education, transportation, travel, insurance and other items to enhance self-esteem.

Who can establish a Special Needs Trust?

Parents and other family members of a disabled child can establish a Special Needs Trust as a part of their general estate plan. The parents can "pour-over" the disabled child’s share of their estate into this special needs trust and not worry that their child will be prevented from receiving government assistance when they are no longer around to care for their special loved one.

A Special Needs Trust can also be established for disabled individuals who seek to set aside their own funds for their own benefit in a "self-settled trust".

Law Offices of Irene Clarke David, Ltd. Irene Clarke David (847) 382-6620
Barrington, Illinois
Copyright © 2008 - present: Law Offices of Irene Clarke David, Ltd. | Disclaimer