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Specialized Trusts Unique types of irrevocable trusts can be created to protect assets for disabled children and adults while providing a better quality of life and not jeopardizing governmental benefits such as Social Security disability income benefits. These types of trusts can also ease the emotional stress and financial burden placed on children of disabled adults and other family members of disabled children. Special Needs Trusts Created for disabled children ensuring the receipt of Social Security Disability benefits or other government benefits are not interrupted or disallowed due to the disabled child receiving assets via a legal settlement or inheritance. The trust allows for funds to be used to improve the quality of life for a disabled child. It can be created by a parent for their child during the parent’s life or at their death as part of the parent’s estate plan. Supplemental Needs Trust A supplemental needs trust (also called a “special needs trust” or “pooled income trust”) holds funds in a trust account for the benefit of a disabled person to enjoy an improved quality of life without disqualifying him or her from receiving government disability or Medicaid benefits. In Illinois, if the disabled individual is under age 65 then an individual trust or a Pooled Trust can be created. If the individual is over age 65, then a Pooled Trust must be used. These types of trust options are available through Marquette Bank. The pooled trust option is available via “The Patriot Pooled Payback Trust” The Patriot Pooled Trust, with Marquette Bank and The Veteran’s Legal Aid Society acting as Co-Trustees, is one of only five such trusts generally available to the public which have been approved by the State of Illinois.
For more information, contactJohn Power, CPA, CFP® at 708.460.4854 or firstname.lastname@example.org.
The Trust & Investment Management Division of Marquette Bank is committed to meeting your financial goals and will work as a team with you to develop and design a sound financial plan for your future and the future of those important to you. As our client, you can be assured that your affairs are being handled by a strong institution dedicated to providing the highest quality of personal service.
*Some Trust, Investment or Retirement financial solutions, products or services are not insured by the FDIC or any Federal Government Agency. These are not deposits or other obligations of the institution, these may go down in value and are not guaranteed by the institution. These services may be subject to investment risks, including the possible loss of the principal invested. Always consult your tax, legal and/or professional advisor(s) for guidance on your particular financial situation.