SPECIAL NEEDS TRUSTS

Granholm & Gynac, Joliet, Illinois

As the parent of a child or adult with special needs, thoroughly preparing for their future once you’ve passed away is an essential component of estate planning. With the help of Granholm & Gynac in Joliet, Illinois, you can set up a special needs trust where the funds will not jeopardize their ability to continue to qualify for programs such as Medicaid, Supplemental Security Income (SSI) and subsidized housing.

The money in a properly drafted, special needs trust is not controlled by the beneficiary and is therefore not considered income or an asset that may disqualify them from receiving government assistance. The caveat is that the funds in such a trust cannot be used for basic care that government benefits already cover, such as housing, utilities, food or medical expenses.

You can, however, indicate that the funds be used to supplement the essentials:
  • Housing upgrades such as a private room in a group home
  • Educational and vocational programs, books and supplies
  • Purchasing a vehicle or passes for public transportation
  • Vacations, entertainment, toys, hobbies or sports equipment
  • Additional clothing, books, household needs and provisions
  • Cable TV, internet or cell phone (if not covered by utilities)
  • Non-covered medical expenses – chiropractor, dental, etc.

trust for special needs child

This type of trust requires specific language to keep it in compliance with Illinois law. A simple wording mistake can undermine the whole purpose of creating the trust in the first place and possibly endanger the child or disabled adult’s eligibility for government assistance.

Let the experts at Granholm & Gynac in Joliet take care of this document for you and provide complete peace of mind. We’ll walk you through everything you need to know and make sure your trust is set up correctly for your loved one.

For help with special needs trusts in Joliet, contact Granholm & Gynac today for a consultation.

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