Illinois Disability Planning Attorneys
Experienced Disability Planning Lawyers in DuPage County and Throughout Illinois
Estate planning involves more than just distributing your assets to the right beneficiaries upon death, it also involves making arrangements for a future disability and, if you have children with special needs, ensuring that they will be taken care of after you pass away. There are many disability planning tools available and most are quite complicated. Deciding on the right tools for you and your family should not be done without careful consideration and the guidance of a skilled estate planning attorney.
At Momkus LLC, our lawyers have vast experience assisting clients with all aspects of disability planning. Starting with a thorough analysis of your individual circumstances and unique family dynamics, we help clients plan for eventualities, such as a future incapacitation, as well as ensuring that a loved one with disabilities will be well cared for. We work closely with each client to determine which strategies will be most beneficial in protecting their interests. Considering personal and financial issues, our legal team crafts a customized solution that most effectively meets your needs and accomplishes your goals.
Disability Planning Tools in Illinois
There are many tools that can be employed in putting together your disability planning strategy, depending on your specific situation. These include:
- Special Needs Trusts: Allow persons with disabilities access to the property within the trust without jeopardizing their qualification for public assistance.
- OBRA Trusts: Allow persons with a large amount of assets the ability to qualify for Medicaid benefits.
- Powers of Attorney: Designate a loved one or trusted friend control over financial and/or healthcare decisions in the event that you are no longer able to maintain control over these areas. A power of attorney can be temporary or permanent depending on your specific needs.
- Guardianships: Can be used to gain legal custody (through the courts) of a minor, disabled adult or elderly person. If a person becomes incapacitated without previously setting up a power of attorney, guardianship may be the best way for a loved one to assume legal responsibility.
- Living Trusts: Help manage your assets while living and transfer them to the right beneficiaries upon death with minimal tax liability. For disability planning purposes, a living trust can be set up to transfer control of the assets within should the principal (you) become incapacitated.
One or more of these (and other) disability planning vehicles can be set up as part of a comprehensive estate plan. Our skilled legal team draws on their in-depth experience across a wide range of practice areas; such as estate, trusts and asset protection planning, family law, business law, commercial and civil litigation and appellate practice to put together a strategy that accounts for all knowable eventualities. This allows you to rest easy knowing we have created a rock-solid plan that will protect your interests for generations to come.
For a consultation with a seasoned disability planning attorney, contact Momkus LLC today at 630-434-0400. We provide advice and counsel from our team of dedicated estate planning attorneys located in DuPage County, Illinois.