Special Needs Planning
If you are a parent or close family member of a child or adult with special needs, it is important that you understand the importance of Special Needs Planning. Among the challenges facing parents of children with special needs is planning for the time when the parents will no longer be around to act as the primary caregivers. Advance planning by parents can make all the difference in the life of the child with special needs, as well as for siblings who may shoulder care taking responsibilities. It is important to plan to ensure that your child receives appropriate therapies and medical treatments. It is essential to take the time necessary to find appropriate caregivers who will carry out your wishes and respect your child’s goals, dreams and life expectations. At the same time, predators are particularly attracted to vulnerable beneficiaries, such as the young and those with limited self-protective capacities.
Call the Law Office of James C. Siebert & Associates, P.C. /Elder Law & Estate Planning Attorneys of Illinois, P.C. at (847)253-7500 today to schedule an appointment with an experienced Special Needs Planning Attorney.
When you plan with Special Needs Trusts, you decide who has access to the information about your children’s inheritance. This protects your child and other family members, who may be serving as trustees, from such predation. A Special Needs Trust is a trust created for a chronically disabled beneficiary, which supplements government benefits such as Medicaid. Medicaid and other government benefit programs consider the resources and income of an individual for purposes of determining eligibility and the amount of such assistance.
With a Special Needs Trust, however, someone may establish a trust for an individual with disabilities without jeopardizing that individual’s eligibility for government benefits. With recent changes in Federal and State laws, trusts for persons with disabilities may even be established with the disabled person’s own funds, if certain “pay-back” rules are followed. A Special Needs Trust may now be funded with the monies obtained by the person with a disability through settlement of a medical malpractice or personal injury case. These trusts are referred to herein as “pay-back” trusts because they are valid only if the state is paid back for medical assistance upon the Trust’s termination.
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