People who want to set up an estate plan for the benefit of those they love have many options. Some may decide to create a will, others may opt for a trust. When it comes to trusts, it is important to keep in mind that many options may be on the table, some of which have been covered in our other blog posts. For some people, such as those who have a loved one that is disabled, a special needs trust is the most sensible course of action. In this post, we will take a closer look into some of the reasons why these trusts are so beneficial for some families in Mokena and around Illinois.
For starters, many people who have special needs are not able to fully care for themselves and depend on various benefits in order to get by. However, some people may worry that by passing down a significant amount of assets to a loved one who has special needs, they will be ineligible to receive certain benefits from the government that they are counting on. As a result, some families are able to address this issue by setting up a special needs trust to ensure that their loved one can continue to receive government benefits while still receiving assets from their loved one's estate after they pass away.
In fact, we have devoted an entire page to special needs trusts on our website. Please read through this information for more on this estate planning option.