A pooled special needs trust in Chicago is a unique legal vehicle that a family member can establish for a disabled loved one. The dependent will receive funds from the trust. Not every family member can create one of these. The person setting up the trust must be a parent, grandparent, or legal guardian, but anyone can contribute to it. The courts can also make one and people can make a special needs trust for themselves.
Who
A person who receives assets from this trust must be enrolled in at least one government assistance program, such as Medicaid, and there is an income and asset level cap of $2,000. The receiver must meet the Social Security Administration’s definition of disabled. The disability can be mental or physical.
Why
A guardian might want a pooled special needs trust in Chicago to make sure that the disabled individual continues to qualify for Medicaid, even after they pass away. A lawyer can ensure your assets go into the special trust upon your death. A nonprofit organization and professional managers operate the trust and distribute funds to the disabled individual. They will not receive a lump sum of money, which could make them ineligible for Medicaid and other government programs. The nonprofit will handle the financial transactions.
Payments
Once the disabled dependent passes away, the nonprofit will use any remaining funds to pay back some government entities. For more information on a pooled special needs trust in Chicago, contact Life’s Plan, Inc. today.
