• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Communities We Serve
      • Cook County
        • Barrington
        • Glenview
        • Northbrook
        • Skokie
      • Lake County
        • Gurnee
        • Lincolnshire
        • Riverwoods
        • Vernon Hills
        • Waukegan
  • Services
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Resources
    • Client Resources
      • Free Seminars
      • Estate and Gift Tax Figures
      • Free Estate Planning Worksheet
      • Is Your Estate Plan Outdated?
      • Probate Resources
        • Glenview Probate
        • Lake Forest Probate
        • Lincolnshire Probate
        • Northbrook Probate
        • Vernon Hills Probate
        • Waukegan Probate
    • Frequently Asked Questions
      • Asset Protection
      • Business Succession Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Financial Planning Assistance
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Probate
      • Trust Administration & Probate
      • Trusts
    • Legacy Wealth Planning
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
  • BLOG
  • Contact Us
  • Review Us

Hedeker Law

Illinois Estate Planning Attorneys

Connect with us today(847) 913-5415

Attend a Free Seminar
Home / Special Needs Planning / Waukegan Special Needs Planning Concerns

Waukegan Special Needs Planning Concerns

March 29, 2018Special Needs Planning

Waukegan special needs planningIf you are the parent of a child with special needs, you need to address your child’s needs in your estate plan to ensure that he or she is well protected both during your lifetime and after you are gone.  The Waukegan special needs planning attorneys at Hedeker Law, Ltd. understand the unique estate planning concerns that the parent’s of a child with special needs face. By including a special needs planning component in your comprehensive estate plan now you can address each of those concerns in a way that provides much needed legal and financial protection for your child.

Raising a Child with Special Needs

As the parent of a child with special needs you already know the uncensored, unconditional, and unabashed love and joy these unique children bring to anyone’s life. You also know that the cost of raising a child with special needs far exceeds the already high cost of raising a child without special needs. Doctor and hospital bills, special equipment, therapy, and other expenses add up quickly. While many children with special needs go on to live relatively independent lives as adults, a significant percentage will continue to need financial assistance when they reach adulthood. As a parent, you undoubtedly want to ensure that your child is well cared for, medically, emotionally, and financially even after you are no longer here to supervise that care. With that in mind, you may find yourself asking questions such as:

  • Who would raise your child if something unexpected happened to you and/or your spouse?
  • What happens when your child turns 18 and becomes an adult in the eyes of the law?
  • Can you continue to make medical and financial decisions for your child once he/she is an adult?
  • How can you ensure enough money is left behind should your child require a lifetime of care?
  • How can you ensure your child is not taken advantage of once you are no longer here?
  • How do you leave funds for the benefit of the child without causing the child to lose important public benefits such as Supplemental Security Income (SSI) and Medicaid?

How Special Needs Planning Can Help

The good news is that there are steps you can take to eradicate much of the uncertainty and solidify your child’s financial stability even after you are gone. By incorporating special needs planning strategies and tools into your overall estate plan, many of those difficult questions can be answered. One of the most common tools parents use as part of a special needs planning component is a Special Needs Trust. As you may already know, eligibility for most government assistance programs such as SSI and Medicaid is dependent on the participant’s income and assets. Consequently, you must be careful about gifting assets directly to your child, both while you are alive and upon your death. Creating a Special Needs Trust allows you (and other family members) to designate assets to be used for your child’s benefit without those assets counting against your child when determining eligibility for assistance. It also allows you to appoint a Trustee to manage and protect those assets after you are gone. You may also need to become your child’s legal guardian when he/she turns 18 in order to have the legal authority to make decisions for your child. As your child’s guardian you will be better able to protect your child from anyone who might try to take advantage of him/her and be able to step in when necessary to help your child make important decisions.

For a trust to be recognized by state and federal assistance programs as a Special Needs Trust it must include very specific language and be structured properly. For this reason alone you should work closely with an experienced special needs planning attorney when you decide to create your trust.

Contact Waukegan Special Needs Planning Attorneys  

Please feel free to download our FREE estate planning worksheet. If you have questions or concerns regarding special needs planning in Illinois, contact the experienced Waukegan special needs planning attorneys at Hedeker Law, Ltd. by calling (847) 913-5415 to schedule an appointment.

  • Author
  • Recent Posts
Dean R. Hedeker
Dean R. Hedeker
Dean Hedeker is a leading Chicago-area authority on estate and tax planning, business law and investments. A long-time resident of north suburban Lincolnshire, Dean has more than 35-years experience helping business owners and families grow, protect and pass on their hard-earned money through tax planning, estate planning and investment management services.
Dean R. Hedeker
Latest posts by Dean R. Hedeker (see all)
  • How Can I Terminate a Living Trust? - September 24, 2019
  • Is an AB Trust Right for My Estate Plan? - September 12, 2019
  • How Can I Include Philanthropy in My Estate Plan? - September 4, 2019

Other Articles You May Find Useful

Waukegan special needs planning attorney
Are There Different Types of Special Needs Trusts?
Lincolnshire special needs planning attorneys
Which Type of Special Needs Trust Is Right for You?
special needs planning lawyer
How Can a Special Needs Planning Lawyer Help Me?
special needs
Children with Special Needs Sparkled at the 4th Annual “Night to Shine” Prom

Primary Sidebar

FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • twitter
  • link
  • youtube

Testimonials

Client Review
September 8, 2020
    

Dean's knowledge is very comprehensive and current. He not only sees and understands the particular question but he puts it in the context my particular matter and to the overall business and tax environment. Dean has been my attorney for many (over 20) years. I am also an attorney but I would never make a tax, business or financial decision without his extraordinary advice and counsel.

default image
Raymond

Where We Are

LINCOLNSHIRE
1 Overlook Point, Suite 610,
Lincolnshire, IL 60069
Phone: (847) 913-5415

See Larger Map Get Directions

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

hedeker_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Privacy Policy
  • Disclaimer
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • twitter
  • link
  • youtube
footer-logo

Hedeker Law Ltd.
All Right Reseved.

Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.