Aug 24, 2022 | Blog, Special Needs Trusts
Parents most commonly establish special needs trusts for their children to provide financial support for them while not jeopardizing their eligibility for necessary public benefits. A special needs trust attorney can assist the parents in setting up the trust or other...
May 13, 2022 | Blog, Special Needs Trusts
Special needs trusts are an excellent way to provide additional financial support for a child with special needs without endangering eligibility for means-tested government benefits. However, these trusts do have potential tax implications, both for the trust itself...
Mar 31, 2022 | Blog, Special Needs Trusts
Historically, the state of Illinois, like many states, implemented a “payback” or “clawback” provision that allowed it to seek reimbursement from ABLE accounts after a beneficiary’s death. The state could seize any remaining funds in ABLE...
Feb 28, 2022 | Blog, Government Funding, Government Programs, Resources, Social Security, Special Needs Trusts
A person’s resources affect the ability to qualify for crucial government benefits. The Social Security Administration (SSA) sets forth resource limits for SSI applicants and recipients. For example, to qualify for Supplemental Security Income (SSI),...
Feb 14, 2022 | Blog, Special Needs Trusts
The Setting Every Community Up for Retirement Enhancement (SECURE) Act went into effect on January 1, 2020. The SECURE Act affects special needs planning, in particular, inherited IRAs owned by third-party special needs trusts. Historically, these types of trusts...
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...
