A special needs trust is a financial arrangement that allows somebody to protect specified assets while still being able to obtain certain public benefits such as Medicaid or SSI. Here are some tips on how to properly establish pooled trusts in Chicago.
The first thing you will need to determine is how the trust will be funded. This can be from a wide array of sources such as life insurance policies, accident settlements, inherited money, or many other things. Even financial gifts from family or friends may apply in this situation.
Seek Advice From Professionals
Pooled trusts in Chicago are incredibly complicated when it comes to the laws that govern them. This is why under no circumstances should you attempt to set one up by yourself. You should employ the help of not only financial planners, but attorneys versed in the intricacies of estate planning as well as caseworkers. Failure to do so may not only nullify the trust itself but may also put you in the position of receiving steep penalties.
Choose An Administrator
The next step is to choose an administrator for the trust. Do not just simply go with the first one that you find. You may be able to find reviews online. You will want to find an administrator that not only has experience with special needs trusts but one that you feel comfortable with as well.
If you are in need of setting up a pooled special needs trust and want to know more about Pooled trusts in Chicago, then contact Life’s Plan, Inc. today.