Jan 17, 2022 | Blog, Special Needs Trusts
Beneficiaries of government programs such as Supplemental Security Income (SSI) and Medicaid must have limited income to qualify for these benefits. They may lose these crucial benefits if they receive an inheritance, an accident settlement, or simply accumulate too...
Jan 4, 2022 | Blog, Resources, Special Needs Trusts
Establishing a third-party special needs trust is a major step in providing for the needs of an individual with disabilities. Special needs trusts are complex and may be difficult to understand and administer. Once the trust documents have been signed, the trust has...
Dec 21, 2021 | Blog, Resources, Special Needs Trusts
The purpose of a third party special needs trust is to provide persons with disabilities the means to augment their quality of life while enabling them to remain eligible for needs-based public benefits. While a special needs trust is a valuable tool for...
Dec 13, 2021 | Blog, Illinois, Special Needs Trusts
Accounting for special needs trusts is not much different than accounting for other types of trusts. A trustee has a legal obligation to account for certain trust activities to beneficiaries and other interested parties. The trustee must adhere to federal tax law and...
Nov 26, 2021 | Blog, Government Funding, Government Programs, Special Needs Trusts
Recently, the federal government announced the cost-of-living adjustment (COLA) for 2022. This adjustment is applied to federal benefits to be disbursed in 2022. Many analysts expected that the COLA would be the highest since 1983 when it was 7.4 percent. The single...
Nov 11, 2021 | Blog, Government Programs, Resources, Special Needs Trusts
The second part of this blog will discuss the way that income is characterized for a means-tested entitlement program and how it affects a benefit award. The federal Supplemental Security Income (SSI) program rules distinguish between and characterize income in...
