A special needs trust can be an effective and efficient way to protect the long-term future of a child with disabilities, Estate Planning and Elder Law attorney Michael T. Huguelet disclosed this week in an interview. —
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The founder of the Orland Park, IL, Law Office of Michael T. Huguelet, P.C. said a special needs trust can prevent a child with disabilities from losing government benefits, such as Supplemental Social Security Disability Income (“SSDI”) and/or Medicaid.
“Contrary to what many think, leaving an inheritance to someone reliant on government assistance can do more harm than good. An inheritance may negatively impact a child’s ability to qualify for certain programs,” he highlighted.
These programs include services that a child with disabilities might require throughout their lifetime, such as assisted or group housing, employment support, personal care aides, assistance in transportation and specialized medical services.
“If government support is restricted or limited,” Huguelet said, “a special needs trust can provide financial security for the child with disabilities.”
He added: “If for any reason your child is no longer able to benefit from public assistance fully, the money held in this type of trust may then act as a source of backup funds which can be made available to your child, with or without further restriction.”
“A special needs trust ensures trust assets are well managed and work to benefit your child for the long term.” Huguelet added: “One key feature is that assets held in the trust are not directly available to the child. A trustee must first disburse them and, in addition to disbursing the money, a trustee also acts as the child’s money manager to ensure the funds are spent as intended and that such disbursement does not violate government regulations.”
He advised contacting an experienced estate planning attorney when considering setting up a well-drafted special needs trust.
“It’s not enough to write down what you want to be done with your estate. Contact a lawyer who works exclusively in this area to assist you in mapping out a legal plan that’s best for you and your child,” he concluded.
Name: Michael T. Huguelet
Email: Send Email
Organization: Law Office of Michael T. Huguelet, PC
Address: 10723 W. 159th St. Orland Park, IL 60467
Phone: (708) 852-0733
Source URL: http://RecommendedExperts.biz
Release ID: 89038935