There are many types of trusts that can benefit a wide variety of situations. The special needs trust is one of these. In the past, parents with a disabled child were often forced to disinherit the child so government benefits could continue. The only other option was to leave money in a traditional trust with crossed fingers, hoping it would be properly used for the care of the disabled child.
Today, a special needs trust allows the disabled child to continue receiving necessary government benefits while still having money to increase their quality of life and cover any extra expenses. A special needs trust can be used for a person with physical or mental disabilities or a person with a mental illness. The laws that govern special needs trusts in Illinois can be found under Section 760 ILCS 5/15.1. If you believe a loved one could benefit from a special needs trust, a Lombard, IL estate planning attorney from A. Traub & Associates can help.