Oak Park, IL Special Needs Trusts Lawyer

Compassionate Estate Planning Attorney in DuPage County

When an individual with special needs receives a significant amount of money or property, the government medical benefits they depend on can be jeopardized. This can occur because of an inheritance, a lump sum payment, or just a large gift from a loved one. Regardless of the source of the assets, once they are in the name of the disabled person, there is a risk of losing the benefits they depend on to survive. Special needs trusts are financial instruments created specifically to protect these benefits. These types of trusts are complex and can be difficult to set up, however, and it is best to work with an experienced estate planning attorney.

At the Law Office of Vincent C. Machroli, P.C., we have extensive experience helping clients set up special needs trusts in DuPage County, Cook County, and all other counties in the Chicagoland area. We have served clients in this area for over 30 years, and we have established a strong track record of achieving successful outcomes and providing highly personalized customer service. We are honest, compassionate, detail-oriented, and responsive to your needs. We take the time to listen and thoroughly understand the needs of our clients so that we can develop the most practical and effective solutions.

How Does a Special Needs Trust Work?

Special needs trusts are created for disabled individuals for the purpose of protecting the assets of the individual, and preserving his/her ability to continue receiving Supplemental Security Income (SSI) and Medicaid benefits. The trust can be managed by a third-party trustee (someone other than the disabled individual), who is responsible for controlling and distributing its assets.

Funds within the trust cannot be given directly to the beneficiary, but they can be used to purchase a wide range of products and services on his/her behalf. Examples may include out-of-pocket medical and dental costs, vehicles, home furnishings, vacations, and rehabilitation. The trustee should understand the rules regarding how the money can be used, and the tax implications of trust distributions so as to not jeopardize the government benefits the beneficiary is receiving.

Special needs trusts can be funded by inheritance or gifts from loved ones, or they can be "self-settled," meaning funded by the beneficiary's own money (e.g., funds from a personal injury settlement). Self-settled trusts are far more difficult to create because they are governed by complicated state rules.

Contact a Skilled Illinois Estate Planning Lawyer

Mr. Machroli has in-depth knowledge of both types of special needs trusts, and he works closely with his clients to ensure the instrument is carefully worded and fully protects the interests of the beneficiary. For a free initial consultation with our office, contact us today at 708-449-7404. We serve clients throughout DuPage County, Cook County, and all surrounding communities.