Special Needs Planning Attorney in Chicago, Illinois
What is a special needs trust and how is it used when there is a windfall?
What is a special needs trust and how is it used when there is a windfall?
Chicago, IL estate planning & probate attorney SJ Chapman talks about special needs trusts and how they are used when there is a windfall. She states that many clients come to them having inherited a significant sum of money, often for the first time in their lives. Many of these clients are already enrolled in government programs such as Medicaid or SSI, which provide medical care and a stable source of income. Receiving a windfall can jeopardize eligibility for these benefits by exceeding the allowed asset threshold. It is therefore essential for clients to identify any current government benefits they receive. For those on Medicaid or SSI, a Special Needs Trust can be used to protect the inherited assets, allowing clients to retain both their windfall and their government benefits.
