If you have a person in your family with a disability, you may be interested in a special needs trust. These trusts allow you to care for a loved one without affecting other benefits they receive. In essence, setting up a special needs trust in Chicago gives them the best of both worlds. Learn how to start the process to set up this type of trust.
The Need Behind Special Needs Trusts
Disabled people likely receive some form of government assistance. Yet, there are restrictions on the amount of income such a person can receive. Thus, if a person receives money through inheritance, it could affect their eligibility. You can avoid this problem by setting up a special needs trust in Chicago.
Spending the Funds
When determining if a special needs trust is the right choice, you need to consider the purpose. If your intent is to give your loved one enough money to live on, you may be on the right track. The funds in a special needs trust can be used to buy goods or services for personal use. This can even include paying for a vacation or entertainment. In this sense, there is a lot of flexibility with this type of trust. Yet, the trust cannot just hand over money to the beneficiary for any need. Keep this in mind when planning the special needs trust.
If you need assistance going through the process, you can work with a third party. A trust management service, like Life’s Plan, Inc., can help you with setting up a special needs trust in Chicago. You may even consider using a pooled trust to meet your goals.
For more assistance with drafting a trust, get in touch with Life’s Plan, Inc. by visiting their website or contact them today for more information.
