If you or a loved one are receiving benefits based on a disability, our Downers Grove special needs attorneys will assist you in preparing a Supplemental Needs Trust to ensure that you can earn an income, receive gifts and inheritances, and accumulate assets without putting your benefits at risk. Our Downers Grove special needs attorneys are cost-effective, client-focused, and experienced.
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Downers Grove Special Needs Attorneys
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Downers Grove special needs attorney Kevin O'Flaherty discusses how to use special needs trusts in order to maximize social security benefits for individuals with disabilities.
In this article, our Downers Grove special needs attorneys discuss how Special Needs Trusts are used in planning for the care of individuals with special needs. Typically, if someone has a disability in Illinois, they are entitled to Supplemental Security Income (SSI) if they have less than $2,000 in assets and earns under the maximum amount as described by SSI guidelines.
Downers Grove special needs lawyer Kevin O'Flaherty discusses special needs trusts, also known as supplemental needs trusts. These trusts are tools that allow individuals with disabilities to earn income, accumulate wealth, recieve gifts and inheritances, and maintain a quality lifestyle.
In this article, our Downers Grove special needs attorneys discuss the process of adding a home to a Special Needs Trust and the benefits from not counting it as an asset when calculating Supplemental Security Income. We explain the types of items that Special Needs Trust are allowed to pay for and what isn't allowed under the rules. SSI can be used to pay for groceries, shelter, utilities and mortgage payments, so in effect, money from a trust cannot be used for these.
Planning for the long-term care of a loved one with special needs requires thought and preparation. The fact is, when it comes to the future needs of a family member with a disability, the possibility that they may outlive you is something that must be considered, especially when the individual is a minor or adult child. Our Downers Grove special needs attorneys understand what is necessary, so in this article, we discuss preparations estimating possible future care-giving costs, as well as making sure all assets are managed properly to best benefit your loved one.