You may be wondering what a special needs trust is and why it’s so necessary. A special needs trust in Illinois can help protect your loved one with disabilities from unnecessary expenses, as well as provide for their future care. If you’re ready to learn more about trusts and how they can help, read the rest of this blog post!
A Special Needs Trust Can Help You Plan For the Future
A Special Needs Trust is a trust that’s set up to serve the needs of people with disabilities. It may sound complicated, but it’s a simple way to help you plan for your loved one’s care even if you’re no longer around.
If Your Child Is Denied SSI or Medicaid, A Trust Could Be Used to Supplement Their Income
If your child is denied SSI or Medicaid, a trust could be used to supplement their income. Oftentimes getting approved for SSI or Medicaid comes with red tape and can be an uphill battle to be approved. Without trust, your child may be left in dire straits and struggling to get by without an income. Setting up a Special needs trust in Illinois for them creates a safety net so you can ensure they will receive the care they need while they wait to get approved.
Special Needs Trusts Can Protect Assets From Being Seized By State Agencies and Creditors
Special Needs Trusts can protect assets from being seized by state agencies and creditors. This is especially important for those who may be struggling with mental illness or addiction, as they are more likely to have their benefits cut off if found guilty of a crime that may be a result of their illness. If you’re interested in setting up a special needs trust in Illinois, visit Life’s Plan Inc.
