Cook County Special Needs Attorneys | Special Needs Lawyers, Cook County

In this video, our Cook County special needs attorneys explain how special needs trusts are also useful tools in the estate plans of the parents of disabled children.  Typically we recommend that the parents’ wills and trusts provide that the inheritance that would normally go to the disabled child be disbursed instead to that child’s pre-established Special Needs Trust.  This avoids having a child who is reliant on SSI income lose that income because his or her assets have increased above $2,000.00 as the result of inheritance.  If the inheritance instead goes directly into the child’s pre-established Special Needs Trust, the child’s SSI income will not be reduced based on the receipt of the inheritance.  It is important to note that in order for this strategy to work, the Special Needs Trust must be created BEFORE the parent passes away.

In this video, our Cook County special needs attorneys discuss the three different types of special needs trusts. Those trusts are: First party trust, third party trusts, and pooled trusts. Depending on your situation depends on where the assets used to fund the trust are coming from. If they are assets owned by the beneficiary, then a first party special needs trust is appropriate. However, gifts and inheritances should be placed in a third party special needs trust rather than being commingled with assets owned by a first party trust in order to avoid those assets being used to pay back Medicaid when the individual with special needs passes.

In this video, our Cook County special needs attorneys discuss Illinois special needs trusts, also known as Supplemental Needs Trusts, and Illinois ABLE Accounts which are tools that allow individuals with disabilities to earn income, accumulate wealth, receive gifts and inheritances, and maintain a quality lifestyle while still qualifying for government benefits.