You have a child with special needs and want to make sure he or she is provided for once you pass away. One of the best strategies for making sure the financial resources are there to manage the care is to establish a special needs trust Illinois. Here are three reasons why this approach is the best choice for your child.
One has to do with identifying a responsible person who will ensure the resources are used as intended. Every penny that’s spent must go to the care of the child. The ability to appoint an executor or administrator for the trust provides the peace of mind that comes from knowing your child will not want for any essentials in the years to come.
Another reason has to do with providing the child with the highest quality of life possible. Depending on the health and condition of the child, there’s a good chance of qualifying for government benefits. While those are great, they tend to focus on covering the essentials. If you want your child to be as comfortable as possible, augmenting those benefits with the resources in a trust is essential.
Don’t overlook the fact that a special needs trust Illinois can be funded using the resources of your choice. It’s not just cash that can be placed into the trust. You can also designate assets like stocks, bond issues, and even real estate if you like. A lawyer can help you identify assets that would be appropriate and ensure that the tax obligation is kept to a minimum.
If you’ve never thought about this type of trust before, now is the time to see what it could do for your child. Once it’s in place, you’ll feel a lot better about his or her future.
For more information, please contact Life’s Plan, Inc. today.
