When drafting an estate plan, you can incorporate documents to protect your loved one with a disability. A special needs trust can be used to help them have financial security without compromising their benefits. Consider the purpose and benefits of these trusts and then speak with an experienced Wheaton, IL estate planning attorney about how to incorporate one in your estate plan.
What Is a Special Needs Trust?
A special needs trust is a legal arrangement that allows you to hold and manage money or property for the benefit of a person with a disability. This person is known as the beneficiary. The funds in the trust can pay for things that improve the beneficiary’s quality of life, such as special medical treatments, therapy, education, travel, or recreation. Often, a special needs trust will address needs or wants that government benefits do not typically cover.