Special Needs Planning & Trusts
What is a Special (Supplemental) Needs Trust?
Special (Supplemental) Needs Trust
If you have a child or loved one with a disability, the thought of not being around to help them may be overwhelming. However, there are estate planning options to help ease your concerns. A Special Needs Trust provides financial support to your loved one to ensure the continuance of their current lifestyle while not sacrificing the benefits they receive from the state and federal government.
Secure Benefits While Protecting Your Family's Assets
For many individuals, a Special Needs Trust is the most effective way to help their child or loved one with a disability. This Trust allows a disabled beneficiary to receive inheritances, gifts, or other funds without losing the assistance they receive from the government. The Special Needs Trust is drafted so that the Trust's funds will not be considered to belong to the beneficiary when determining their eligibility for public benefits.
The Special Needs Trust is also known as a Supplemental Needs Trust. As the name implies, Supplemental Needs Trusts are designed not to provide basic support, but instead to pay for comforts & luxuries that are not provided by public assistance funds.
The Special Needs Trust is also known as a Supplemental Needs Trust. As the name implies, Supplemental Needs Trusts are designed not to provide basic support, but instead to pay for comforts & luxuries that are not provided by public assistance funds, such as:
- Additional medical & nursing care
- Special dietary needs
- Books, training, or other educational materials or programs
- Companion or caretaker expenses
- Trips to museums, movies, shopping, or to visit family
- Vacations for the beneficiary & a caretaker
- Modifications to a house or vehicle for the disabled beneficiary
- Daily expenses for cellphone, cable, movies, hobbies, utilities, & furnishings
- And much more.
At Politakis Law, we provide our clients with comprehensive estate planning support that’s personalized to suit their specific needs. We know that preparing for the future can be difficult and overwhelming, but when you turn to us, you can rest assured that we will offer professional, knowledgeable guidance to help you reach your goals. Ready to get started? Schedule your virtual or in-person consultation with Politakis Law today for estate planning & elder law assistance in Schererville.