Feb 1, 2024 | Blog, Special Needs Trusts
A qualified disability trust (QDT) is a type of trust that qualifies for a specific federal tax exemption and is designed to benefit an individual with special needs. Most special needs trusts qualify as QDTs. The amount of this federal tax exemption changes over...
Dec 19, 2023 | Special Needs Trusts
It is important to understand the benefits of pooled special needs trusts. Parents of children with special needs often want to set aside funds to provide for them in the future. Grandparents and other relatives also may want to leave inheritances to the children....
Aug 30, 2023 | Blog, Illinois, Special Needs Trusts
When you engage in estate planning, a major goal is often to provide for your children after you are gone. If you have a child with special needs, you understand that your child may need financial support for the rest of their life. Additionally, a child who needs...
Aug 10, 2023 | Blog, Government Programs, Illinois, Special Needs Trusts
Under current law, Illinois generally must pursue Medicaid estate recovery from the estates of Medicaid recipients. As a result, when the Medicaid beneficiary passes away, the state of Illinois typically will pursue the beneficiary’s assets for repayment of the...
Jul 24, 2023 | Special Needs Trusts
Families with children who have special needs often must make significant decisions throughout their lifetimes. One such decision involves choosing a qualified attorney to assist them with their special needs planning for their child, which often includes creating...
May 27, 2023 | ABLE Accounts, Resources, Social Security, Special Needs Trusts
Supporting children with special needs typically goes far beyond age 18 and often is a lifelong commitment. Children with special needs may also have more financial needs than other children, especially if they have complex medical problems or require a high level of...
