SPECIAL NEEDS PLANNING
For families of individuals with special needs, planning for their future and ensuring their well-being is of utmost importance. When considering guardianship for a loved one with special needs, it becomes crucial to find the delicate balance between safeguarding their privacy and independence while also ensuring their protection and care.
As the parent of a child with special needs, your role as a parent becomes different when your child becomes a legal adult. Although your child may have some or all the same needs for assistance from you, your legal relationship with your child changes when your child turns age 18.
Special Needs Planning is a Lifelong Event: Working to get your child assessed to qualify for support programs, fighting to get benefits and finding therapists became a full-time job, and one that led to enormous costs, even with the family’s having good health insurance.
If your child or grandchild has special needs, one of your greatest concerns is ensuring that the child receives essential care and support throughout their life. While your inclination may be to give the child money or other assets through an inheritance, doing so may deprive the child of the ability to receive government assistance. Fortunately, a Special Needs Trust (SNT) can provide lifelong financial benefits for the child without affecting eligibility for government programs.
Caring for an adult child with a disability in Illinois is often challenging in the best of circumstances. Many parents worry about what might happen to their child if the parents die or are otherwise unavailable to provide care. We will discuss some Special Needs Planning suggestions to benefit both you and your child.
To preserve a person’s right to receive public benefits, family members may create a special needs trust. Setting up this type of trust can be an important part of the estate planning process.
Once the trust documents have been signed, the trust has been initially funded, and the trust legally exists, what’s next in the lifespan of a special needs trust?
Guardianships protect people with special needs by allowing their guardians to make financial, legal, and logistical decisions for them. Illinois law permits several different types of adult guardianships.
A third-party special needs trust is for parents, grandparents, family members and friends who want to provide for a person with special needs without disqualifying or interrupting public benefits.
There are many individuals who have loved ones who may need extra care because of a disability or mental challenges. If you find yourself relating to this statement, it is crucial to ensure that your loved one has the financial resources to be able to receive necessary care.
Are you feeling overwhelmed by the complexities of Medicaid in Illinois and Missouri? You're not alone. Many people find themselves in a maze of regulations, paperwork, and confusing terminology when trying to access this vital healthcare program. In this blog post, we'll break down some of the key aspects of Medicaid and discuss why seeking help is essential for ensuring you get the benefits you deserve.
When it comes to estate planning, delaying action can have far-reaching consequences that extend well beyond our lifetimes.
If you don't have a plan in place for your assets, the state will step in to decide how they are distributed. While some may trust the state's judgment, it's important to recognize that it doesn't understand your individual circumstances, and the process can be both time-consuming and expensive.
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Tax season is the perfect time to evaluate your estate planning strategy to ensure maximum tax efficiency and peace of mind for you and your loved ones.
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As seniors approach retirement, maximizing Social Security benefits becomes crucial for ensuring financial stability in their golden years.
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For many, the concept of a trust can seem daunting or unnecessary, leading to confusion about its purpose and relevance. So, let's explore the question: Do I need a trust?
Choosing the right estate planning attorney can make a significant difference in ensuring your wishes are honored and your loved ones are protected.
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