If someone you love has a chronic condition that leads to disability or has a permanent physical or mental lack of capacity, the idea of creating a special needs trust in Illinois is a good idea. Long after you pass away, disbursements from the trust can be used to care for your loved one. Best of all, housing the resources in the trust helps to reduce the odds of disqualifying the loved one from receiving aid from public assistance programs. Here are some of the ways the trust assets can be used.
One has to do with covering the cost of basic living needs. Disbursements can be used to ensure the loved one has food, clothing, and shelter that’s sufficient for his or her needs. The funding may augment stipends provided by public assistance or cover things that those plans do not.
Medical expenses are another concern that can be addressed using the trust. The disbursements can be used to cover deductibles and co-pays related to existing insurance coverage. They can also be used to pay for treatments deemed necessary by the doctor but not covered by the health insurance terms.
The special needs trust in Illinois can also be called upon to cover individual events at the discretion of the trust executor or administrator. You can structure the trust to allow this type of leeway. By selecting an administrator that you know will keep your loved one’s best interests at heart, you can rest assured that the authority will not be abused.
If this sounds like a resource that would work well in your case, now is the time to learn more about trust and how it works. Once it’s in place, you’ll feel a lot better about your loved one’s future.
Life’s Plan, Inc offers several options for meeting the supplemental service needs of people with disabilities and the elderly without jeopardizing state and federal entitlements. The options are a Pooled Third-Party Supplemental Trust, the Pooled Self Funded Payback Trust, and the Tandem Trust. For more information, please contact them or visit their website today.
