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Learn the Basics of a Supplemental Needs Trust in Chicago, IL

In today’s world, people are living well into their later years. This also includes people who have some sort of disability. These people need a special plan in place to help them deal with life’s expenses. This is what a supplemental needs trust in Chicago does. This type of trust can provide many different benefits for a disabled person. The following is the minimum you should know about a supplemental needs trust in Chicago.

Keeping Options Open

One important aspect of special needs trusts is that they allow the beneficiary to qualify for other programs. The supplemental needs trust in Chicago is created in a way that separates the individual from the trust. Therefore, money in the trust is not the legal property of the beneficiary. As such, a beneficiary can still receive government benefits or lawsuit proceeds. This type of trust keeps a person’s options open when they need it most.

What Can Be Paid Out of the Trust?

There are many different ways to use a supplemental needs trust. As the name suggests, the trust is intended to pay for costs not covered by government assistance. This includes things like clothing, entertainment, and education. In general, funds can be distributed for any cost that would not normally be paid for by public benefits.

Other Things to Know

In some cases, a trustee may have the power to invest the funds in the account. This can provide a return for the beneficiary. Trustees generally have broad power when managing this type of trust. This is done to ensure that the beneficiary has access to all the things he or she needs.

If you need help with trust services, contact Life’s Plan, Inc. by visiting their website.