A Special Needs Trust is a specific type of trust for adult disabled person that is designed to shelter assets in a manner that does not jeopardize government benefits of a disabled person.
In many cases, parents and grandparents will leave an inheritance either on purpose or by accident to a disabled adult. This inheritance threatens the government eligibility of the special need's disabled adult. For example, Sue and Bob have a grandson and provide a $10,000 gift upon their death to their grandson, Tyler. Tyler is fifteen (15) years of age and is physically disabled. In this case, Sue and Bob's $10,000 gift will make Tyler ineligible for government assistance. To qualify for government assistance, the government has a $2,000 or less asset threshold. Where as, with proper special needs trust planning, Sue and Bob should make their gift payable to a third party special needs trust for Tyler's benefit. In the second (2) example, the creation and funding of the special needs trust would not make Tyler ineligible for government assistance.
To speak with an experienced estate and special needs' attorney, please call Sean Robertson at 312-498-6080 or 630-364-2318 or RobertsonLawGroup@gmail.com.
We have offices in Naperville and downtown Chicago. We also can travel to your location if you are not mobile.
Key words; Special needs; Special needs estate planning; Special Needs Planning, Life insurance and Special needs, Aurora estate planning attorney.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment