What to Know About Setting Up a Special Needs Trust in DuPage County

by | Nov 22, 2021 | Law

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Caregivers of individuals with special needs must ensure their loved ones are taken care of no matter the circumstances. A special needs trust in Dupage County is one way to do this without putting one’s government benefits at risk. Here are some things caregivers need to know.

Setting Up the Trust

The first step is setting up the trust. A trust can be simple or complex depending on the situation. To begin the trust set-up process, one must contact an estate planning attorney. It’s never recommended that individuals set up the trust without legal guidance. There’s too much that needs considered and setting up the trust the wrong way could make things difficult for the person one is trying to protect.

Does the Caregiver Setting Up the Trust Need to Be a Family Member?

Although it’s more usual for a family member to set up a trust for their children or another family member, it’s not a requirement. Anyone can set up a trust for a beneficiary, and there’s no limit to how many trusts the beneficiary can have.

What Property Is Included in a Trust?

Property held in trusts includes real estate, vehicles, jewelry, stocks, bonds, and other assets. The trust gives the beneficiary permission to sell tangible items to get their hands on cash when necessary to pay for bills and other needs without affecting their Medicaid or Social Security benefits.

Contact a Special Needs Attorney Today!

Individuals interested in setting up a special needs trust in DuPage County should contact Life’s Plan, Inc.

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