Protecting Your Loved Ones' Futures Through Sound Estate Planning
It may be very important to you to ensure the greatest possible levels of care and financial security for a family member who is disabled in some way and has special needs. Whether you are concerned for a spouse, child, parent or other loved one, decisions for this purpose can be pivotal and should be made only with counsel from a lawyer with extensive relevant experience.
Attorneys at our firm, Molohon, Sandquist & James, LLP, have many decades of estate planning experience, including the drafting of numerous special needs trusts — sometimes also called supplemental needs trusts. We engage on a personal level with our clients to fully understand their situations and the complex financial implications of various legal options. We deal thoroughly with special needs planning issues such as:
- Properly drafting a special needs trust for the purpose of setting aside assets without forfeiting the beneficiary's access to Social Security Disability benefits (SSDI or SSI), Medicaid, housing assistance and other means-tested government assistance
- Establishment of an appropriate guardianship — and succession plan for that authority — in conjunction with other documents required for orderly, competent management of your loved one's affairs and planning for future needs
- Protection against unintended tax liabilities and other negative financial consequences
- Naming the most appropriate trustee or co-trustees — The establishment of co-trustees, often a family member and a financial professional or attorney with in-depth knowledge of government benefits and estate law, is sometimes recommended as one measure to protect assets against misuse and your loved one from exploitation.
Call a Cook County Attorney for Protection of Social Security Benefits and Medicaid
Our Palatine, Illinois, special needs trusts attorneys have the knowledge essential for identifying the best type of supplemental or special needs trust for accomplishment of each client's objectives. Our work in this area may allow you to provide support for what government assistance does not cover, while also protecting assets for the longest possible time period.
Whether your focus is on doing what is best for a child with a disability, a parent with Alzheimer's disease or a family member injured in a serious accident, our law firm can be a tremendous asset. To request a prompt, free consultation, call 888-674-1211 or contact us online anytime.
