If you or a loved one are receiving benefits based on a disability, our Wheaton special needs attorneys will assist you in preparing a Supplemental Needs Trust to ensure you can earn an income, receive gifts and inheritances, and accumulate assets without putting your benefits at risk. Our Wheaton special needs attorneys are experienced and can help you or a loved one plan for the future.
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Wheaton Special Needs Attorneys
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Wheaton special needs attorney Kevin O'Flaherty explains the process of special needs planning in Illinois.
In this article, our Wheaton special needs attorneys discuss how Special Needs Trusts are used in planning for the care of individuals with special needs.
Someone with a disability in Wheaton is typically entitled to Supplemental Security Income if they have less than $2,000 in assets and earns under the maximum amount as described by SSI guidelines. With the help of our Wheaton special needs attorneys and the creation of a Special Needs Trust, your loved ones can ensure you gain assets and income without reduction of benefits.
Wheaton Special Needs Planning Explained special needs attorney Kevin O'Flaherty explains how supplemental needs trusts and Illinois ABLE Act accounts can be used to ensure that you or your loved one with a disability is able to receive gifts, inheritances, and income without jeopardizing entitlement to government benefits.
In this article, our Wheaton 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.
Our friendly Wheaton special needs attorneys can work with you and your family to establish a Supplemental Needs Trust, also known as a Special Needs Trust, to allow you or a disabled loved one to accumulate assets, own property, earn an income, and receive gifts and inheritances without reducing or jeopardizing his or her government benefits.
If you or a family member is receiving government benefits based on a disability, you are probably aware that there are limits to a number of assets you can own as well as to the amount of monthly income you can receive without reducing your benefits.
However, this does not mean that you need to live below the poverty line in order to continue to receive government benefits. A Special Needs Trust can allow you or your loved ones to maintain a decent standard of living without reducing your benefits.