Plainfield Special Needs Estate Planning: Special Needs Attorney in Kendall County, IL

 Posted on February 03, 2023 in Estate Planning

People with disabilities and their families in Plainfield and surrounding Kendall County, Illinois, must comprehend what government benefits are accessible to them and how those programs are influenced by a variety of other financial factors, such as employment. They should also prepare for and protect their loved one's care and assets to guarantee their loved one's future is secure.

A special needs trust is a wonderful option for people who wish to provide financial support for a loved one, and it should be included in everyone's will or trust. A special needs trust not only protects a handicapped loved one at the time the will or trust is executed, but it is also advantageous if a loved one who was not impaired at the time the will or trust was executed becomes disabled later.

Having a legal counsel on your side who understands the nuances and statutes that impact persons with special needs in Plainfield and other parts of Kendall County, as well as the incentives they may be qualified for, may be crucial to the outcome of a special needs estate plan. The special needs estate planning professionals at Gateville Law Firm will help you create a plan that will benefit and support your special needs children.

What is Special Needs Planning in Plainfield

Special needs trusts are meant to provide financial assistance to disabled loved ones while retaining the disabled person's eligibility for government assistance programs. One of the most essential roles of an estate planning attorney is to assist you and your family in anticipating difficulties that may arise as a consequence of your death or disability. Estate planning is especially important for parents who have one or more children who qualify for government benefits like social security disability income. People may be qualified for one of two types of disability programs.

1. Social Security Disability Insurance

“Social Security Disability Insurance” is the first kind of disability program. Social Security Disability Insurance is intended for disabled people who have worked long enough to contribute to the insurance system. As a result, the handicapped individual worked for a lengthy period of time while paying into the "insurance system" in order to earn a reward for being disabled.

This sort of disabled person receives insurance that is not based solely on the needs. An inheritance will not preclude a beneficiary from government-based benefits owing to having worked for a sufficient duration to qualify for the insurance program. Contributing to social security disability is analogous to contributing to unemployment insurance. A person works long enough to qualify for the insurance policy meant to help those who become disabled later in life.

2. Supplemental Security Income

Supplemental Security Income (SSI) is a national government program that provides handicapped people with government assistance and benefits. The Social Security Administration is in charge of this program. This program, unlike Social Security Disability Insurance, is not supported by insurance benefits. Individuals who qualify for SSI get help from the government such as food, housing, or clothes.

SSI is intended for disabled people who have never worked or have never worked long enough to qualify for social security disability insurance benefits. Health insurance is an essential benefit for disabled people. Medicaid is a state-based health insurance program for those with low incomes and assets. The State of Illinois administers Medicaid all across Illinois, including Plainfield and neighbouring areas of Kendall County.

The majority of SSI disability recipients are eligible for Medicaid.

Third-Party Special Needs Trusts in Plainfield

A third-party Special Needs Trust, also known as a Supplemental Needs Trust, is one supported by assets other than the handicapped person's own. The goal of a Third-Party Special Needs Trust is to donate one's assets to a handicapped person who qualifies for SSI.

The Third-Party Special Needs Trust provides the possibility to remain eligible for the government's needs-based social security disability system. Unlike the first-party Special Needs Trust, there is no “payback” provision if the handicapped individual dies.

The Special Needs Trust must compensate the government for expenditures used to financially help the handicapped person with special needs when using a First-Party Special Needs Trust.

What Can Be Included in a Special Needs Trust in Plainfield

What can be kept in a special needs trust is not constrained. Property such as real estate, shares, businesses, and jewels are commonly included by trust founders. The assets are transferred into the special needs trust in a straightforward manner. This can be accomplished by including a special needs clause in a will or revocable living trust.

Who Can Create Special Needs Trusts in Plainfield

There are currently no restrictions on who may establish or contribute to a special needs trust, neither on the number of trusts that may be established for a single special needs or disabled individual. Your Plainfield Special Needs Attorney will be able to help you with this.

Necessity of Special Needs Clauses

The goal of incorporating special needs provisions in a will or trust is to safeguard a loved one's financial security if they have special needs. Even if special needs are not expected at the present, this clause can and should be used while creating the will or trust. An expert and qualified estate planning attorney at Gateville Law Firm always advises you that it is best to prepare for the worst-case scenario. If a loved one has or develops special needs and there is no express language in their will or trust, their wishes and needs will be jeopardized.

There are no two scenarios that are alike. It is critical to establish a special needs trust irrespective of if you do have disabled loved one at the time you are finalizing your will or trust. As previously stated, a special needs trust applies to persons who develop disabilities after your will or trust has been enacted. It is critical that you have a qualified and experienced attorney assist you in writing your will and trust to ensure that your unique goals are realized and that everything is done correctly and in conformity with the appropriate laws that govern Plainfield and other neighbouring regions in Kendall County, Illinois.

How to Set-Up a Special Needs Trust in Plainfield

Usually, a special needs trust will be incorporated into the trust deed in your will bundle, that will be put up by your attorney, if you engage in estate planning with Gateville Law Firm. This is why having an experienced and qualified attorney assist you in establishing a special needs trust is beneficial. Your Plainfield Estate Planning Attorney can tailor your trust arrangement to your specific needs. Explicitly put, the objective of a trust is to appoint someone known as the trustee or executor to handle the assets that you have opted to place in it after your death. The person you appoint as trustee or executor is legally committed to the provisions of your trust, and they must execute it precisely as you have drafted it.

The special needs section stipulates that if a benefactor you named in your will or trust does become disabled and meets the requirements for any governmental “needs-based” programs like the ones listed above, your executor has the right to take proceeds from your estate and disseminate them to the disabled individual through the special needs trust. The recipient will thereafter receive earnings from the trust. The phrasing in this clause further emphasizes that the trust is to safeguard and preserve the governmental benefits that the recipient is getting or is eligible to receive in the future, while also allowing the recipient to profit from any monies donated.

Benefitting from the Special Needs Trust

Properties and monies in a special needs trust can be utilized for anything as long as there is no clear text to the contrary. This often covers everything that might improve the beneficiary's standard of living or quality of life, such as treatment, caretakers, household expenses, clothes, furniture, and common household necessities.

Things to Remember 

It is important to contact professionals that give information and aid with critical concerns. These include not only Attorneys who specialize in Wills, Special Needs Trusts, and Guardianship, but also Benefits Planning Specialists, Community Work Incentive Coordinators, Financial Planners, etc. While their services vary widely, they always deal with the broad subject of financial resources. They also give advice and assistance to maximize the efficacy of the resources that are available. It is critical for a person to understand the extent of services and the provider's experience in this area of services too.

Call a Plainfield Special Needs Attorney Today

Special Needs Trusts are established to guarantee that the people we care about have the kind of life we desire. These requirements must be addressed in your will or trust, and you should consult with an attorney as soon as possible. Hiring a competent and experienced estate planning attorney is crucial to achieving your objectives and carrying out your estate planning successfully.

Peace of Mind Asset Protection, LLC specializes in estate planning and asset protection. Our estate planning attorneys use asset protection measures to secure our clients' financial stability and peace of mind. We are glad to help you and your family with your estate planning. Call us now at 630-882-2467or use our online contact form.