Apr 17, 2024 | Blog, Government Programs, Special Needs Trusts
The Housing Opportunity through Modernization Act (HOTMA) became law in January 2016. However, final regulations to implement certain sections of the law are now going into effect. The final rule to implement Sections 102, 103, and 104 of HOTMA took effect on January...
Feb 27, 2024 | Blog, Guardianships, Special Needs Trusts
When you have a child with special needs, your estate planning may look significantly different. Many parents traditionally leave their estate to their children in equal shares. Parents also routinely designate a guardian for their children if they pass away while the...
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...
