Special needs trusts are a great way to help your loved ones with disabilities maintain their independence and dignity. They also provide benefits for the family members who care for them. Read on to find out three good reasons you should set up one today!
A Special Needs Trust Can Provide a Way to Save for the Future
A Special Needs Trust in Dupage County can provide a way to save for the future. You may have heard that someone with disabilities will lose their Medicaid and other benefits if they receive any money from family members like wills, trusts, or gifts. But this doesn’t mean you can’t set up a fund in the trust specifically for them to use later on – so long as they still qualify for Medicaid and other benefits.
A Designated Caregiver Is Usually Appointed to Oversee and Manage the Trust’s Assets
A designated caregiver is usually appointed to oversee and manage the trust’s assets. This person can be a family member or someone who knows you both well – but needs to be capable enough of handling these responsibilities, which may include managing money, dealing with taxes, and even hiring an attorney for more complicated legal matters.
Assets in a Special Needs Trust Are Not Counted as Part of an Individual’s Estate, Which Means They’re Not Subject to Probate Fees or Taxes
Assets in a Special Needs Trust in Dupage County are not counted as part of an individual’s estate, which means they’re not subject to probate fees or taxes.
This is especially important when it comes to Medicaid eligibility – many states use the assets someone has at death (or their “estate”) to determine if that person qualifies for benefits.
If you’re searching for a reputable company to establish a special needs trust in Dupage County, visit Life’s Plan, Inc. website or call them today.
