If you are a parent to a special needs child, your child will probably receive much-needed government benefits. Parents in this situation usually want to prepare for the future. They want to leave their estate to their child to make sure he is financially secure. However, it must be done in a way not to disqualify your child from government benefits. Read on to find out how setting up a special needs trust Chicago fund can secure your child’s future.
Provide Assistance for Things Not Covered
You must decide when to present your child with this gift. Some parents want to assist their adult disabled children with everyday purchases. They can either give money for immediate purchases or through a will. However, this gift can cause problems for someone who receives means-tested benefits.
Learn More About Mean Tested Benefits
A means-tested benefit is a program available to people who can demonstrate that their income is below a certain limit. People who are disabled can receive Medicaid and Supplemental Security Income (SSI). If they are gifted with additional assets, they can lose these benefits.
Set Up A Trust
Setting up a special needs trust Chicago fund is the best solution for leaving money for your child’s care. Your trustee controls the trust. He or she can invest and distribute the assets to your beneficiary when needed. This approach prevents someone with a disability from getting disqualified from government benefits.
Parents want to provide financial support to sustain their child’s life and make it better. A special needs trust allows your adult child to receive supplemental income to get things they need. Contact Life’s Plan, Inc. for more information about setting up a special needs trust in Chicago.