_pn.png)
TRUST AND GUARDIANSHIPS
A Special Needs Trust allows an individual with disabilities to protect their assets or an inheritance that they may receive, while also maintaining eligibility for government benefits such as SSI or Medicaid. A Special Needs Trust (SNT) supplements these benefits and enhances the individual's quality of life.
A few reasons why a Special Needs Trust (SNT) is recommended:
-
Planning for a loved one who is disabled
-
Receipt of an inheritance while disabled
-
Receipt of a personal injury settlement, or malpractice settlement.
​
It is critical for families with a special needs loved one to plan in advance through their estate plan to ensure that their loved one will be taken care of after their death and that such funds remain in the family.
​
Planning for loved ones with special needs can be a challenge. In fact, in the State of Illinois, having more than $2000 in assets will disqualify a disabled person from receiving government benefits. Therefore, having a plan in place with people you can trust and knowing that any inheritance or settlement is protected in a Special Needs Trust provides peace of mind and long term care for your loved one.
In the event thata person does not have the capacity to make competent decisions about their finances, healthcare, or daily living, he or she may be declared legally disabled by the court. A guardian would then be appointed to make decisions for the disabled individual. Being declared disabled can only be done through the court which requires a knowledgeable attorney who understands the legal system.
Adult
Adult guardianships are often required over one’s person and estate when the individual has failed to plan ahead through the preparation of powers of attorney for finance and healthcare, or when a child who is disabled turns 18 years old.
​
Child
When a child receives an inheritance or other source of funds prior to 18 years of age, a guardianship must be established in order to protect the funds until the child turns 18.