We were very pleased with the estate plan Gregory Turza's law office wrote for us.
He and his staff were always there to answer our questions fully and in a timely manner. Granted a trust plan is difficult task but we never felt alone and are very grateful that we found this fine firm to help us.
We heartily recommend this firm and in all honesty we asked Greg if we could write this review so we could show how him and his staff how kind they were to work with.
Bonnie and Jeff Byer
Skokie, Illinois
A special needs trust allows a disabled person enjoy the use of assets which would otherwise disqualify him from receiving government benefits. There are two varieties. Both of them are designed to supplement but not replace the government benefits which the beneficiary is already entitled to or may become entitled to.
1) Third Party Special Needs Trust. The most common special needs trust is created by a donor, usually parents, for the benefit of the special needs beneficiary. Without the use of this trust, parents of a special needs child are left with two bad alternatives. One, leave the wealth to the special needs child which would have the unwanted impact of disqualifying him from receiving government benefits, or, disinherit the special needs child in favor of another child who you hope will take care of the special needs child.
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This is called a third party special needs trust because it is not funded with the beneficiary’s assets. It is funded with the assets of the grantor, usually the parents, of the special needs beneficiary. The trust must be specially designed according to statute. The advantages of this trust are:
a) Trust assets will be available for the beneficiary’s care without disqualifying him from government benefits; and,
b) On the death of the beneficiary, the assets will not be subject to recovery by the State or other government agency. The assets will go to your choice of contingent beneficiary.
2) D4(a) Trust. The second type is created by the special needs beneficiary with his own funds. This usually happens when a special needs beneficiary receives a personal injury settlement or an inheritance which failed to create a third party special needs trust as in 1 above.
The advantage of this trust is that the beneficiary will qualify for government benefits. The disadvantage is that when the beneficiary dies the assets will be subject to estate recovery. The benefits provided by the government will be reimbursed from the D4(a) trust.
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