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Articles of Interest: Special Needs Trusts

Special Needs Trusts


Special Needs Trusts

A Special Needs Trust can be an important tool for a disabled individual who is, or may become eligible, for Supplemental Security Income or Medicaid but has excess assets preventing eligibility. Supplemental Security Income (SSI) is the Social Security program that grants income to people who are age 65 or older, blind or disabled with limited income and assets.

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ABLE Accounts

“ABLE” Accounts are a recent creation of federal law designed for individuals with disabilities to allow them to have a tax-free savings account which does not affect eligibility for public benefit programs such as SSI and Medicaid. States must establish the ABLE Account Programs. The new Illinois ABLE Account program is administered by the Illinois Treasurer’s office.

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