Peoria Lawyer For Establishing Special Needs Trusts
Do you want to provide financial support for a disabled family member without compromising Supplemental Security Income (SSI) or Medicaid medical coverage? If you have a mentally or physically disabled child, he or she may qualify for SSI. Providing financial assistance for this family member may compromise his or her SSI or Medicaid medical coverage unless it is in the form of a special needs trust (also known as a supplemental needs trust).
Whether a disabled loved one is young or old, an experienced attorney who knows the rules and regulations of disability programs can help you set up a trust fund while ensuring that your loved one remains eligible to receive Medicaid, SSI or housing assistance including Section 8 assistance.
I am estate planning and elder law attorney William C. Wombacher. I have been assisting Illinois families with special needs planning for more than 30 years. I am a member of the Council of Advanced Practitioners and am the only certified elder law lawyer (CELA) in downstate Illinois.
Contact my Peoria law office to learn more about how I can help you secure the financial future of your special needs child or grandchild.
Establishing Special Needs Trusts
Special needs trusts must conform to stringent requirements of the Medicaid and other state and federal programs. They must be carefully worded in order to achieve the desired goal of providing financial support for your disabled family member while not affecting eligibility for Supplemental Security Income (SSI) benefits, housing assistance, medical assistance or other public assistance.
If you have a special needs child or a loved one is disabled as a result of a serious accident, a developmental disability, or medical malpractice I can help you with financial planning for their future. I also help disabled individuals with claims for Social Security Disability (SSD) or SSI benefits.
Types Of Special Needs Trusts
There are several types of special needs trusts. I can help you decide which one best fits your situation and needs:
- Third-party special needs trust: A parent or grandparent can establish this trust fund to supplement a disabled family member's SSI income. The financial supplement is distributed to the beneficiary at the discretion of the trustee.
- Self-settled special needs trust: This trust is usually established after someone receives medical compensation for a disabling personal injury, medical malpractice or an inheritance. The money is set aside in a trust fund so the beneficiary can still receive medical benefits, SSI and housing assistance.
- Pooled trust: Such trusts pool the resources of many disabled beneficiaries, and those resources are managed by a nonprofit association. These trusts usually contain the beneficiary's own assets and the nonprofit receives some or all of the assets after the beneficiary's death.
Don't Wait To Create A Special Needs Trust For Your Child Or Grandchild — I'll Help You
Contact my Peoria law office to schedule an appointment today to discuss whether a special needs trust is right for your family. My office hours are 9 a.m. to 5 p.m. Monday through Friday, with weekend and evening hours by appointment.