Special Needs Planning
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Special needs estate planning focuses on providing for the special needs of our loved ones who have disabilities, when we are no longer able to advocate on their behalf. Families want to make sure that they provide for their loved ones in their estate plan and at the same time preserve access to public benefits such as Social Security or Medicaid for that family member. This highly technical area of the law incorporates various aspects of estate planning, guardianship, and government benefits.
There are two types of Special Needs Trusts:
Third-Party Special Needs Trust
This type of special needs trust is recommended if you have a loved one with special needs. This trust is created by using the assets of the parents or other loved as part of their estate plan. A properly drafted Third-Party Special Needs Trust ensures that your family member can continue to receive their government public benefits, while you provide for the things that the public benefits do not cover.
Self-Settled Special Needs Trust
This trust is generally created by a parent, other family member, or legal guardian using the assets of the loved one with the special needs. This is often done when a family member receives a settlement from a personal injury lawsuit and requires lifelong care.
At AuBuchon & Pennuto Law, we would be honored to sit with you and hear your family’s story. It is a wonderful feeling when our clients tell us that they have peace of mind knowing that they have executed an estate plan that will take care of a loved one with special needs when they are no longer able to care for that family member.
AuBuchon & Pennuto Law, LLC:
Full-Service Special Needs Planning Attorney in Illinois
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Disclaimer: While this website provides general information, it does not constitute legal advice. The best way to get guidance on your specific legal issue is to contact a lawyer. To schedule a meeting with an attorney, please call or complete the provided form.
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