As a parent or guardian, you worry about what might happen to you if the person you are responsible for loses you. A special needs trust allows you to create a structured strategy to reduce some of the risks associated with those factors. 

As you consider how well this legal tool may work for you, work with our Chicago special needs trust attorney at Plan Forward Legal to learn more about the details of how it may work for you. Our Chicago estate planning attorney is hands-on with every client from start to finish.

What Is a Special Needs Trust in Illinois?

Under Illinois law (760 ILCS 3/1213), a special needs trust is a legal arrangement meant to benefit a person who has a disability. It provides financial structure and support to them without affecting their eligibility to receive public assistance programs, including Supplemental Security Income (SSI) or Medicaid. It serves as a safeguard to ensure beneficiaries can access necessary resources while protecting benefits they are entitled to, which might otherwise be eliminated due to their assets.

This type of trust does more than just provide for financial aid. It helps you to protect the quality of life of a person who is living with disabilities. To do this, the trust isolates its assets to keep them separate from those owned by your loved one. That means those assets are not counted against their eligibility threshold for the governmental programs they need.

If you believe this tool can be supportive of your loved one, set up a consultation with a Chicago special needs trust lawyer to discuss how it may work for your situation. Our legal team can answer every question you have and guide you in establishing a trust that fits your objectives now and well into your future. Before making any decisions, consult with our special needs trust attorney.

What Is an Inter Vivos Trust?

You may have heard these trusts called an inter vivos trust. Illinois law allows for the creation of a special needs trust that is established as inter vivos, meaning during the grantor’s lifetime. This trust will hold the assets for the individual without putting eligibility for government benefits at risk. 

It can be established as a first-party trust, meaning it is funded with the beneficiary’s own assets, or it can be a third-party trust, one that is funded by others. Let Plan Forward Legal help you create a special needs trust in Illinois.

Why Work with a Chicago Special Needs Trust Lawyer?

A special needs trust attorney becomes your advocate in this process. As you work towards creating stability for your loved one who has a disability, you will quickly learn that having an ally like an attorney working solely for your benefit could prove vital. There are several ways we can help you through this process.

• Learn about your legal rights and limitations as they apply in your situation. Having that level of insight can prove critical when structuring these types of documents.
• Achieve the specific benefits you need. That includes asset management for inheritance, ensuring beneficiaries benefit from your hard work without having to give up the critical services they need.
• Make decisions about who will provide support. A special needs trust allows you to create a trust that protects assets, but also to make decisions about how those funds are managed. You will choose a trustee who will oversee the process and provide ongoing protection to your wishes.

With so many factors to consider when planning for your loved one’s future, having a trust in place can provide peace of mind. By working with our Chicago special needs trust attorney, you gain the hands-on support you need. Our sole objective is to help you protect your loved one.

Setting Up a Special Needs Trust in Illinois

If you believe you have a loved one who needs and will benefit from a special needs trust, set up some time to speak to our legal team. Setting up a special needs trust can provide numerous benefits when done properly, but it is important to know the details of the process. Consider the following as a very basic outline of what to expect.

• Determine your objectives. Before establishing a trust, define your goals. That includes funding the trust from the person with a disability’s own money, such as a personal injury settlement or inheritance, or from assets you plan to leave to them.
• Make decisions about who will oversee the trust. The trustee will be an important party to select because they are obligated to maintain the trust in the way you outline. You should also choose a successor trustee to follow in that person’s steps if the trustee passes away.
• Draft the trust document. This document will list the trustee and their duties. It will provide instructions on the distribution of assets, outlining how to do so in a manner that balances risk and benefits. It should also provide benefits like a Medicaid payback provision as needed.

After the creation of the trust, you will need to fund it by retitling assets to the trust.  Signing and notarizing are also necessary, and must be done in accordance with the state’s laws. We encourage you to work closely with a special needs trust attorney near you to establish your trust documents and to provide guidance on the best possible strategies for minimizing risk.

Why Choose a Special Needs Trust Lawyer Near Me?

When choosing a special needs trust lawyer in Chicago, select a professional who is local to you. This is a significant decision, and you may need to modify your trust later. Having a local attorney familiar with the law can help minimize risks to you and your loved one for years to come.

Set Up a Consultation with a Special Needs Trust Attorney in Chicago Now

Learn more about what your rights are. Contact our Chicago special needs trust attorney at Plan Forward Legal to discuss your goals and let us offer transparent legal insight into your options. We are here to protect you.