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...
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...
