What is a Special Needs Trust?

November 2023

Contact Clancy & Associates

November 2023

Special Needs Trusts 101

There's lots of buzz about Special Needs Trusts, but not all parents are aware of how they protect and empower our community members. In this month's Newsletter, we're sharing a crash course on the basics of Special Needs Trusts. You can also increase your knowledge by attending one of our upcoming presentations listed below!

Social Security POMS Recent Change

The IRS has published regulations to allow payees to establish and maintain ABLE accounts and signing authority, subject to SSA requirements. This new POMS section provides more specific guidance on how representative payees can use ABLE accounts, allowing all SSA payee program rules. Read more HERE.

What is a Special Needs Trust?

There are two general purposes of a Special Needs Trust ("SNT"): first, to protect a person's eligibility for government benefits, and second, to house funds for a person's future lifetime needs. Those with special needs are often eligible for two benefits: Supplemental Security Income (SSI) and Medicaid. Both benefits require the recipient to have less than $2,000 in order to be eligible. Parents can set aside assets (often in the form of an inheritance) for a child without jeopardizing benefit eligibility by directing funds to an SNT....continue reading this article.

📢 Last Presentations and Fairs of 2023

"Legal Planning for the Special Needs Family"

Presented by Clancy & Associates

Illinois Statewide Transition Conference

Thursday, November 2nd, 2:15PM-3:15PM

Learn about about Decision Making tools like Guardianship and Powers of Attorney, Special Needs Trusts, and Government Benefits. This seminar is geared toward families whose children are approaching the Transition age of 18. Jennifer Sabourin, attorney and parent of a child with disabilities, will be presenting.

This presentation is offered through the Transition Conference which promotes effective, person-centered transition planning to address all aspects of adult life for those with disabilities.

See the website for more information.

Transition Series III: "Transition Top Ten - What To Do at Age 18" (ZOOM - Public welcome)

Presented by Clancy & Associates

Hosted by Giant Steps Autism Organization

November 14th, 2023 6:00PM-7:00PM

This presentation covers all things Transition! Our team of experts and guests will address a concise list of "must-dos" for a young person turning 18. If you're worried that you're behind on your "list", this is the seminar for you. Learn about what you still need to do and meet the experts you need to help you complete your tasks.

This is our third and final presentation in our 2023 Transition Series.

See the flyer for more information and click HERE for the Zoom link.

The BEST Fair

A Resource Fair hosted by Niles North High School (In-person - Public welcome)

November 15, 2023 6:00PM-7:00PM Presentations

7:00PM-8:30PM Resource Fair

This Resource Fair hosts agencies, certificate, college and vocational options, employment services, and many more resources for your transition-aged student. These connections provide insight to a wide range of agencies that serve the transition and adult age span. This in-person resource fair is for students with special needs, their parents/guardians, and professionals.

See the BEST Fair website for more information.

Be sure to check out our Events Page regularly for newly scheduled events.

News You Can Use!

SSI and SSDI Recipients to Receive Boost in 2024 Payouts

The announcement about the cost-of-living adjustment (COLA) for 2024 is now out, and it’s good news for disability benefits recipients. Those who rely on Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) will soon see a 3.2 percent increase in their monthly payments.

Learn more here.

SSA Announces 12 New Compassionate Allowance Conditions

The Compassionate Allowances program helps the Social Security Administration (SSA) identify people living with rare and serious medical conditions that render patients disabled.

Learn more here.

How Owning a Recreational Vehicle May Impact Your Benefits

Many people dream of being able to enjoy traveling and are drawn to the lure of owning a recreational vehicle (RV). However, they may not realize that owning an RV could impact their government benefits, especially Supplemental Security Income (SSI) and Medicaid.

Learn more here.

Mental Illness and Social Security Disability Benefits?

Living with mental illness can make gainful employment impossible. The Social Security Administration (SSA) provides disability benefits to people with certain mental illnesses through two federal programs. Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) help support qualifying individuals with mental illnesses that significantly impair their ability to work.

Learn more here.

Contact Clancy & Associates

Planning for individuals with special needs and their families.

Clancy & Associates, Ltd. is Illinois's only full-service special needs planning law firm dedicated to supporting individuals with special needs and their families. Our mission is to help families protect and empower their loved ones with a disability through streamlined, comprehensive planning. We use our innovative full-service approach to both identify opportunities and secure solutions and benefits for our clients at our Firm. We “keep watch” for families so they can attend to the daily priorities of their loved one’s life and leave the legal planning to us.

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March 2023 | clancyassociates.com | 773-929-9000